N.Y. Financial Services Law § 408-a: Unlicensed activities prohibited

§ 408-a. Unlicensed activities prohibited. (a) For the purposes of

this section, a "prohibited unlicensed act" shall mean:

(1) engaging in an activity in this state for which a license,

certification, registration, authorization, charter, accreditation or

incorporation is required by this chapter or the banking law, or the

regulations promulgated thereunder, without such license, certification,

registration, authorization, charter, accreditation or incorporation or

an exemption from such requirement; or

(2) any act or omission by a person who is required by this chapter or

the banking law, or the regulations promulgated thereunder, to be

licensed, certified, registered, authorized, chartered, accredited or

incorporated and is not so licensed, certified, registered, authorized,

chartered, accredited or incorporated, or exempted from such

requirement, if such act or omission would constitute a violation of

this chapter or the banking law, or the regulations promulgated

thereunder, subject to monetary penalty if such person were so licensed,

certified, registered, authorized, chartered, accredited or

incorporated.

(b) In addition to any civil or criminal liability provided by law,

the superintendent may, after notice and a hearing, levy a civil penalty

for any prohibited unlicensed act as follows:

(1) The penalty for a prohibited unlicensed act that relates to the

requirements of the banking law or the regulations promulgated

thereunder shall be the same as the penalty provided in section

forty-four of the banking law for any violation of the banking law.

(2) The penalty for a prohibited unlicensed act that relates to the

requirements of this chapter or the regulations promulgated thereunder

shall be the same as the penalty provided for in section four hundred

eight of this article for violations of this chapter or the regulations

promulgated thereunder. However, the superintendent shall not impose or

collect any penalty for a prohibited unlicensed act pursuant to this

paragraph if the superintendent imposes or collects any penalty pursuant

to paragraph one of this subsection or paragraphs two or three of

subsection (a) of section four hundred eight of this article for the

same act or omission.

(3) If a prohibited unlicensed act results in consumer harm, the

penalty shall be not more than double the penalty amount applicable to

such violation set forth in paragraphs one and two of this subsection.

(c) Civil penalties received by the superintendent pursuant to this

section shall be applied in the same manner as civil penalties received

by the superintendent pursuant to section four hundred eight of this

chapter.

(d) In addition to any other penalty or sanction imposed upon a person

by law for a prohibited unlicensed act, after notice and a hearing, the

superintendent may issue an order directing such person to pay

restitution for such unlicensed act.