New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 407 - Licensing Of Out-of-state Lenders Who Solicit, By Mail, Small Loans In New York State › Section 407.1 - Issuance of license

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Application form. Application for a license shall be made upon a form provided
				  by the superintendent. Such form may be obtained at the Banking Department at
				  the address set forth in section
				  1.1  of
				  Supervisory Policy G 1 of this Title.
(b) Application procedure. Applications shall
				  be filed with the Banking Department at the address set forth in section
				  1.1  of
				  Supervisory Policy G 1 of this Title, and must be accompanied by payment of the
				  fee specified in section
				  1.2  of
				  Supervisory Policy G 1 of this Title. Accompanying the application should be
				  the following additional information:
(1)
				  Copy of organizational chart, annual reports of last three years, and list of
				  officers and directors of applicant and of all affiliated corporations, joint
				  stock associations or business trusts.
(2) Copy of certificate of incorporation
				  (with all amendments) of the applicant together with copy of qualification to
				  do business in New York, both of which should be certified by the Secretary of
				  State or such other governmental authority who controls such State
				  records.
(3) If a new corporation,
				  certified balance sheet of the applicant, certified list of stockholders and
				  copy of minutes of the corporation from inception to date of filing of
				  application. Minutes should reflect organization of corporation, appointment or
				  election of directors and officers, and designation of bank
				  depositaries.
(4) Confirmation that
				  applicant has sufficient cash in bank or other acceptable assets to satisfy
				  legal requirement of $25,000.
(5)
				  Confirmation from applicant that it will conform to the provisions of section 352  of the Banking Law.
(6) Questionnaires and financial statements,
				  on forms provided by the department, of each officer, director, manager, major
				  stockholder or other party-at-interest in the applicant.
(7) If an established corporation, list of
				  holders of one percent or more of any class of stock, bonds or other
				  securities.
(8) Certified copy of
				  the minutes of the board of directors of the corporation authorizing filing of
				  the application.
(9) List of all
				  states in which applicant and/or any affiliated company is licensed to operate
				  in the field of finance including banking, insurance, sales finance, small
				  loans, insurance premium financing, etc. together with the name of the
				  operating company and the name, title and address of the State
				  supervisor.
(10) Statement of how
				  licensing of the applicant will promote public convenience and advantage. It
				  should be noted that the population and other standards set forth in
				  supervisory policy LL-1 will not be applicable.
(11) Letter from State regulatory agency in
				  which parent corporation is headquartered and where licensee's records are
				  domiciled agreeing to permit access to New York State Banking Department
				  personnel to the licensee's records pertaining to loans made to New York State
				  residents.