NY Banking L § 341 (2021)
2021 New York Laws BNK - Banking Article 9 - Licensed Lenders 341 - Application for License; Fees; Capital Requirements.

§ 341.  Application for license; fees; capital requirements. 1. (a) As used in this article, the term master license  shall  mean  an  original license granted to a person or entity.  (b)  As used in this article, the term supplemental license shall mean the license granted to a person or entity having a  master  license  for additional licensed locations.   2.  An  application  for  a  master license shall be in writing, under oath, and in the form prescribed by the superintendent and shall contain such information as the superintendent may require by  regulations.  The application  shall set forth all of the locations at which the applicant seeks  to  conduct  business  hereunder.  At  the  time  of  making  the application  for  a  master  license,  the  applicant  shall  pay to the superintendent a fee as prescribed pursuant  to  section  eighteen-a  of this   chapter   for   each  proposed  location  for  investigating  the application.   3. In addition to the investigation fee and annual license  fee  every licensee  hereunder shall pay to the superintendent the sums provided to be paid under the provisions of section seventeen of the banking law.   4. In connection  with  an  application  for  a  master  license,  the applicant  shall  submit  an affidavit of financial solvency noting such capitalization  requirements  and  access  to  such  credit  as  may  be prescribed by the regulations of the superintendent.   5.  The  applicant  shall  also  prove,  in  form  satisfactory to the superintendent, that the applicant has available for  the  operation  of such  business at the location or locations specified in the application liquid assets of at least fifty thousand dollars. This amount  shall  be maintained  for  the period within which the licensee makes loans in the amounts prescribed in section three hundred forty  of  this  article  at such location.   6.  If  a  person  or  entity  holding  a master license seeks to open another location for the conduct of  activities  licensable  under  this article,  the  licensee  shall first submit written notification of this fact to the superintendent. The notification shall contain  the  address of  the new location and the master license number. An investigation fee as prescribed pursuant to section eighteen-a of this  chapter  shall  be paid  for each additional location. Upon receipt of the notification and fees, the superintendent shall issue a temporary  supplemental  license, valid for a period not exceeding thirty days, pending the final approval of  the new location. The superintendent, in his or her sole discretion, may extend the  validity  of  the  temporary  supplemental  license  for additional  thirty day periods pending investigation, but such extension shall not exceed a total  of  sixty  days.  The  temporary  supplemental license  shall,  upon  written  approval  by  the superintendent, become permanent after thirty days of issuance, or after the expiration of  any extension granted by the superintendent, unless the superintendent finds that  the  opening  of  the  new  location by the licensee is not in the public interest, in which case, the superintendent shall send a  written denial  to  the  licensee.  Upon  receipt  of  such  written denial, the temporary supplemental license issued to the licensee shall become  void and  the  licensee shall immediately cease all activity licensable under this article at the location set forth on such license. The  failure  of the  superintendent to give written approval or denial of the permanence of the temporary supplemental license prior to expiration of the initial thirty day period or any  extension  thereof  shall  not  be  deemed  to constitute the approval of a permanent supplemental license.