N.Y. BNK Law § 580 — New York Code / Act BNK / Article 12-C / Section 580
Application for license
Status: in_force

§ 580. Application for license. 1. Application for a license required\nunder this article shall be in writing, under oath, and in the form\nprescribed by the superintendent, and shall contain the following:\n  (a) The exact name and the address of the applicant and its date of\nincorporation; and\n  (b) The name and complete business and residential address and\noccupation of each officer and director of the applicant; and\n  (c) The complete address where the business of the applicant is to be\nconducted, showing the street and number, if any, post office and\nbuilding and room number, if any, the office building and room number,\nif any, and the municipality and county; and\n  (d) If the applicant has one or more branches, subsidiaries or\naffiliates operating in this state, the complete address of each such\nplace of business; and\n  (e) Such other pertinent information as the superintendent may\nrequire, including but not limited to evidence indicating that the\napplicant, or officer, director, or manager of such applicant has at\nleast one year of experience in financial services or related fields\napplicable to budget planning.\n  2. Where an applicant operates several places of business, separate\napplications for license shall be made for each such place of business.\n  3. Upon original application for a license or licenses to operate one\nor more places of business, the applicant shall pay an investigation fee\nin an aggregate amount as prescribed pursuant to section eighteen-a of\nthis chapter. No additional investigation fee shall be required for any\nsubsequent application for a license unless such application is\nsubsequent to a denial of a license or to a revocation, suspension or\nsurrender of a license.\n  4. As a condition for the issuance and retention of a budget planner\nlicense, and subject to such regulations as the superintendent shall\nprescribe, applicants for a license shall file with the superintendent a\nsurety bond in form satisfactory to the superintendent issued by a\nbonding company or insurance company authorized to do business in this\nstate. Except as provided hereunder, the principal amount of such bond\nshall be two hundred fifty thousand dollars. The superintendent may\nrequire a larger bond if he or she determines, in his or her sole\ndiscretion, that a licensee has engaged in a pattern of conduct\nresulting in bona fide consumer complaints of misconduct and that such\nincreased bond is necessary for the protection of consumers; or the\nsuperintendent may increase or decrease the amount of such bond or\ndeposit based upon the applicant's or licensee's financial condition,\nbusiness plan, and the actual or estimated aggregate amount of payments\nand fees paid by debtors to such licensee. In lieu of such bond, an\napplicant may keep on deposit with such banks, savings banks, savings\nand loan associations, trust companies, private bankers, national banks,\nfederal savings banks, or federal savings and loan associations in the\nstate as such licensee may designate and the superintendent may approve,\ninterest-bearing bonds, notes, debentures, or other obligations of the\nUnited States or any agency or instrumentality thereof, or guaranteed by\nthe United States, or of this state, or of a city, county, town,\nvillage, school district, or instrumentality of this state or guaranteed\nby this state, or dollar deposits, or such other assets or letters of\ncredit as the superintendent shall by rule or regulation permit. The\nproceeds of each bond or deposit shall constitute a trust fund to be\nused exclusively to reimburse payments by debtors that have not been\nproperly distributed to creditors or to reimburse fees determined by the\nsuperintendent to be improperly charged or collected and, in the event\nof the insolvency, liquidation, or bankruptcy of such licensee, to pay\noutstanding department of financial services examination costs and\nassessments. Within ninety days after the effective date of this\nsubdivision, each licensee shall comply with the requirements of this\nsubdivision.\n