N.Y. Banking Law § 556: Action by superintendent on application

§ 556. Action by superintendent on application. 1. Within ninety days

after the filing of an application for a license accompanied by payment

of the fees for license and investigation, the superintendent shall

issue the license, or the superintendent may refuse to issue the license

if he shall find that the financial responsibility, experience,

character and general fitness of the applicant or any person associated

with the applicant are not such as to command the confidence of the

community and to warrant the belief that the business will be conducted

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

article. For the purpose of this subdivision, the applicant shall be

deemed to include all the members of the applicant if it is a

partnership or unincorporated association, and all the stockholders,

officers and directors of the applicant if it is a corporation. Such

license to engage in business in accordance with the provisions of this

article at the location specified in the application shall be executed

in triplicate by the superintendent and he shall transmit one copy

thereof to the applicant, file a copy in the office of the department of

financial services, and file a copy in the office of the clerk of the

county in which is located the place designated in such license.

2. If the superintendent refuses to issue a license, he shall notify

the applicant of the denial, return to the applicant the sum paid as a

license fee, but retain the investigation fee to cover the costs of

investigating the applicant.

3. Each license issued hereunder shall remain in full force and effect

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

provided in this article.

4. Only one office may be maintained under each license, but more than

one license may be issued to the same licensee pursuant to this article.

5. Any person engaged in the business of a premium finance agency on

the date this act takes effect may continue in operation in accordance

with the provisions of this article but must obtain a license for each

office at which he engages in the business of a premium finance agency

by January first, nineteen hundred sixty-one.