§ 342. Conditions precedent to issuing license; procedure where application denied.
294 words·~1 min read·
/ny/banking/licensed-lenders/342·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 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 If an application is denied or withdrawn the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.