N.Y. Banking Law § 342: Conditions precedent to issuing license; procedure where application denied

§ 342. Conditions precedent to issuing license; procedure where

application denied. Upon the filing of such application and the payment

of such fees, if the superintendent shall find that the financial

responsibility, experience, character, and general fitness of the

applicant, and of the members thereof if the applicant be a partnership

or association, and of the officers and directors thereof if the

applicant be a corporation, are such as to command the confidence of the

community and to warrant belief that the business will be operated

honestly, fairly, and efficiently within the purposes of this article,

and if the superintendent shall find that the applicant has available

for the operation of such business at each specified location liquid

assets of at least fifty thousand dollars, the superintendent shall

thereupon execute a master license, and if applicable one or more

supplemental licenses, to make loans in accordance with the provisions

of this article at the location or locations specified in the said

application. The superintendent shall transmit one copy of such license

or licenses to the applicant and file the same in the office of the

department. Each such license shall remain in full force and effect

until it is surrendered by the licensee or revoked or suspended as

hereinafter provided; if the superintendent shall not so find, a master

license shall not be issued and the superintendent shall notify the

applicant of the denial. If an application is denied or withdrawn the

superintendent shall return to the applicant the sum paid by the

applicant as a license fee, retaining the investigation fee to cover the

costs of investigating the application. The superintendent shall approve

or deny every application for a master license hereunder within ninety

days from the filing thereof with the said fees.