§ 581. Conditions for issuance of a license; procedure where application denied.

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§ 581. Conditions for issuance of a license; procedure where

application denied. 1. Upon the filing of an application for a license,

if the superintendent shall find that the financial responsibility,

experience, character, and general fitness of the applicant, and of the

officers and directors thereof 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,

he or she shall thereupon issue a license in duplicate to engage in

budget planning in accordance with the provisions of this article. The

superintendent shall transmit one copy of such license to the applicant

and file another in the office of the department of financial services.

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 he or she shall not

issue such license and he or she shall notify the applicant of the

denial. The superintendent shall approve or deny every application for

license hereunder within ninety days from the filing thereof.

2. The superintendent shall not issue a license unless an applicant

agrees to provide, either directly or indirectly, budgeting, educational

and/or counseling services, acceptable to the superintendent, to the

debtors with whom such licensee has a contract to engage in budget

planning, as defined by section four hundred fifty-five of the general

business law. Failure of a licensee to provide, directly or indirectly,

such budgeting, educational and/or counseling services acceptable to the

superintendent shall be a basis for suspension and revocation of the

license.