2023 New York Laws › BNK - Banking › Article 11-B - Sales Finance Companies › 493 - Action by Superintendent on Application.

§ 493.  Action by superintendent on application. 1. Upon the filing of
an application for a sales finance company's license, and the payment of
the fees for license and investigation, the superintendent
(a) May refuse to issue the license if he finds that the applicant, or
any person who at the time of  filing  such  application  is  an  owner,
director,  officer,  member,  partner, employee, agent, or spouse of the
applicant, has duly suffered a revocation of license under this article,
or has been found guilty of a violation of any of the provisions of this
article,  or  of  any  other  law  regulating  retail  instalment  sales
contracts, obligations or credit agreements, or has been responsible for
any  act or omission in consequence of which a license issued under this
article to any person was duly revoked. The superintendent may  likewise
refuse  to  issue  the  license  if  he  shall find that the experience,
character and general fitness of  the  applicant  are  not  such  as  to
command  the  confidence of the community and to warrant the belief that
the business will be conducted honestly and fairly within  the  purposes
and  intent  of  this  article. For the purpose of this subdivision, the
applicant shall be deemed to include all the members of the applicant if
it  is  a  partnership  or  unincorporated  association,  and  all   the
stockholders,  officers  and  directors  of  the  applicant  if  it is a
corporation; or
(b) Shall issue and deliver to the applicant a license  to  engage  in
business as a sales finance company in accordance with the provisions of
this article at the location specified in said application.
2. The superintendent shall approve or deny every original application
for  a license hereunder within ninety days from the filing thereof with
the said fees.
3. If the superintendent refuses to issue a license, he
(a) Shall notify the applicant of the denial, return the sum  paid  by
the  applicant  as  a  license  fee, but retain the investigation fee to
cover the costs of investigating the applicant; and
(b) Within twenty days thereafter shall file a  written  decision  and
findings  containing  the  reasons  supporting  the  denial,  and  shall
forthwith serve a copy thereof upon the applicant.
4. Each license issued hereunder shall remain in full force and effect
until it is surrendered by the  licensee  or  revoked  or  suspended  as
provided in this article.
5.  Only  one  place of business may be maintained under each license,
but more than one license may be issued to the same licensee pursuant to
this article.
6. No county, city, or other political subdivision of this  state  may
require a licensee under this article to obtain a local license or pay a
local  fee  for  the  privilege of engaging therein in the business of a
sales finance company.
7. Any sales finance company in business on the date  this  act  takes
effect  may  continue  in operation but must obtain a license within six
months from said date in accordance with the provisions of this article.