N.Y. Banking Law 343 – License provisions; separate license for each place of business; change of location
§ 343. License provisions; separate license for each place of business; change of location. 1. A license shall state the address at which the business is to be conducted and shall state fully the name of the licensee, and if the licensee is a partnership or association, the names of the members thereof, and if a corporation, the date and place of its incorporation. A master license shall be kept conspicuously posted in the principal place of business of the licensee and a supplemental license shall be conspicuously posted at the location identified in the license. No master or supplemental license shall be transferable or assignable.
Terms Used In N.Y. Banking Law 343
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
2. A separate license shall be required for each location at which a licensee makes loans under the provisions of this article. The superintendent may issue more than one license to the same licensee. For each new license, the licensee shall comply with all the requirements for obtaining a license as stated in this article.
3. (a) A licensee may change the location of a licensed lender business by giving written notice to the superintendent at least thirty days prior to such change. The licensee shall pay to the superintendent a fee as prescribed pursuant to section eighteen-a of this chapter for each change of location and shall provide any information which may be required regarding the change of location.
(b) The superintendent shall, if satisfied that there is no reasonable objection to such change of location and upon the surrender of the license for the location which is being changed, issue a license containing the information required by subdivision one of this section. If the superintendent shall not be satisfied that such change is in accordance with the purposes of this article, the superintendent shall refuse such change of location and notify the licensee of the determination.