New York Banking Law Article 9 - LICENSED LENDERS

• 340 - Doing Business Without License Prohibited.
  No person or other entity shall engage in the business of making loans in the principal amount of twenty-five thousand dollars or less for any...
• 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...
• 342 - Conditions Precedent to Issuing License; Procedure Where Application Denied.
  Upon the filing of such application and the payment of such fees, if the superintendent shall find that the financial responsibility, experience, character, and general...
• 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...
• 344 - Issuance of License Upon Acquisition of Business of Licensed Lender.
  1. Prior to any acquisition, by merger, consolidation, purchase of assets or otherwise, except by purchase of stock, of the assets or business, or a...
• 345 - Application for Acquisition of Control of Licensed Lender by Purchase of Stock.
  1. Prior to the acquisition of control of a licensee under this article by means of the acquisition of the capital stock or equity interests...
• 347 - Grounds for Revocation or Suspension of License; Procedure.
  The superintendent may suspend or revoke any license issued hereunder if the superintendent shall find that: (a) The licensee has failed to pay any sum...
• 348 - Superintendent Authorized to Examine.
  For the purpose of discovering violations of this article or securing information lawfully required hereunder, the superintendent may at any time, and as often as...
• 349 - Licensee's Books and Records; Reports.
  The licensee shall keep and use in its business such books, accounts, and records as will enable the superintendent to determine whether such licensee is...
• 350 - Restrictions Concerning Advertising, Liens on Real Estate, and Places Where Loans Made.
  1. (a) No licensee or other entity shall advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published,...
• 351 - Restrictions on Loans Subject to the Provisions of This Article; Interest; Other Charges.
  1. Every licensee hereunder may loan any sum of money not exceeding the maximum principal amounts prescribed in section three hundred forty of this article,...
• 352 - Acts Required of Licensees; Acts Prohibited.
  Every licensee shall: Deliver to the borrower at the time any loan is made or prior to the first advance under an open-end loan agreement...
• 353 - Limitation on Licensee's Charges on Certain Loans.
  No licensee shall directly or indirectly charge, contract for, or receive any interest, discount, or consideration upon the loan, use, or forbearance of money, goods,...
• 354 - Restrictions on Assignments of Compensation for Services.
  1. A licensee shall not take an assignment of unearned wages or other earnings unless: (a) the assignment by its terms is revocable at the...
• 355 - Solicitation of Loans.
  1. Any loan made by a person not licensed under this article to a resident of this state, in the amount, not exceeding the maximum...
• 356 - Restrictions on Certain Loans by Non-Licensees, Interests, Other Charges; Loans Made Outside This State.
  No person or other entity, other than a licensee under this article, shall directly or indirectly charge, contract for, or receive any interest, discount, or...
• 357 - Insurance.
  1. The licensee may require a borrower, on loans of two hundred and fifty dollars or more, excluding insurance premiums and precomputed interest, to insure...
• 358 - Penalties.
  Any person or other entity including the officers, directors, agents, and employees thereof, which shall violate or participate in the violation of any of the...
• 359 - Authority of Superintendent.
  The superintendent is hereby authorized and empowered to make such general rules and regulations, and such specific rulings, demands, and findings as may be necessary...
• 360 - Short Title.
  This article shall be known and may be cited as the New York licensed lender law.
• 361 - Severability.
  If any provision of this article or the application thereof to any person or circumstances is held to be invalid, such invalidity shall not affect...

Last modified: February 3, 2019