NY Banking L § 580 (2021)
2021 New York Laws BNK - Banking Article 12-C - Budget Planners 580 - Application for License.

§  580. Application for license. 1. Application for a license required under this article shall be in writing, under  oath,  and  in  the  form prescribed by the superintendent, and shall contain the following:  (a)  The  exact  name and the address of the applicant and its date of incorporation; and  (b) The  name  and  complete  business  and  residential  address  and occupation of each officer and director of the applicant; and  (c)  The complete address where the business of the applicant is to be conducted, showing the street  and  number,  if  any,  post  office  and building  and  room number, if any, the office building and room number, if any, and the municipality and county; and  (d) If the  applicant  has  one  or  more  branches,  subsidiaries  or affiliates  operating  in  this state, the complete address of each such place of business; and  (e)  Such  other  pertinent  information  as  the  superintendent  may require,  including  but  not  limited  to  evidence indicating that the applicant, or officer, director, or manager of  such  applicant  has  at least  one  year  of  experience in financial services or related fields applicable to budget planning.   2. Where an applicant operates several places  of  business,  separate applications for license shall be made for each such place of business.   3.  Upon original application for a license or licenses to operate one or more places of business, the applicant shall pay an investigation fee in an aggregate amount as prescribed pursuant to section  eighteen-a  of this  chapter. No additional investigation fee shall be required for any subsequent  application  for  a  license  unless  such  application   is subsequent  to  a  denial of a license or to a revocation, suspension or surrender of a license.   4. As a condition for the issuance and retention of a  budget  planner license,  and  subject  to  such regulations as the superintendent shall prescribe, applicants for a license shall file with the superintendent a surety bond in form satisfactory  to  the  superintendent  issued  by  a bonding  company  or insurance company authorized to do business in this state. Except as provided hereunder, the principal amount of  such  bond shall  be  two  hundred  fifty  thousand dollars. The superintendent may require a larger bond if he or  she  determines,  in  his  or  her  sole discretion,  that  a  licensee  has  engaged  in  a  pattern  of conduct resulting in bona fide consumer complaints of misconduct and  that  such increased  bond  is  necessary  for  the protection of consumers; or the superintendent may increase or decrease  the  amount  of  such  bond  or deposit  based  upon  the applicant's or licensee's financial condition, business plan, and the actual or estimated aggregate amount of  payments and  fees  paid  by  debtors  to such licensee. In lieu of such bond, an applicant may keep on deposit with such banks,  savings  banks,  savings and loan associations, trust companies, private bankers, national banks, federal  savings  banks, or federal savings and loan associations in the state as such licensee may designate and the superintendent may approve, interest-bearing bonds, notes, debentures, or other obligations  of  the United States or any agency or instrumentality thereof, or guaranteed by the  United  States,  or  of  this  state,  or  of a city, county, town, village, school district, or instrumentality of this state or guaranteed by this state, or dollar deposits, or such other assets  or  letters  of credit  as  the  superintendent  shall by rule or regulation permit. The proceeds of each bond or deposit shall constitute a  trust  fund  to  be used  exclusively  to  reimburse  payments by debtors that have not been properly distributed to creditors or to reimburse fees determined by the superintendent to be improperly charged or collected and, in  the  event of  the  insolvency, liquidation, or bankruptcy of such licensee, to pay  outstanding department  of  financial  services  examination  costs  and assessments.  Within  ninety  days  after  the  effective  date  of this subdivision, each licensee shall comply with the  requirements  of  this subdivision.