New York General Business Law Article 5 - COLLATERAL LOAN BROKERS

  • 40 - Licenses.
    No person, corporation, partnership or firm shall hereafter carry on the business of collateral loan broker, without having first obtained from the mayor of the...
  • 41 - Licenses, How Obtained; Penalty for Carrying on Business Without License.
    The mayor or such local licensing authority may from time to time grant, under his hand and the official seal of his office, to such...
  • 41-a - Continuing Education Requirement.
    1. Every person licensed as a collateral loan broker pursuant to this article shall, between June thirtieth, two thousand seven and June twenty-ninth, two thousand...
  • 42 - Action on Bond.
    If any person shall be aggrieved by the misconduct of any such licensed collateral loan broker, and shall recover judgment against him therefor, such person...
  • 43 - Certain Entries to Be Made in Book.
    Every such collateral loan broker shall keep a book in which shall be fairly written, at the time of such loan, an account and description...
  • 44 - Memorandum to Be Given.
    1. Every such collateral loan broker shall at the time of each loan deliver to the person pawning or pledging any goods, article or thing,...
  • 45 - Book to Be Open to Inspection.
    The said book and any and all other books and records regularly kept by such collateral loan broker shall at all reasonable times be open...
  • 46 - Rate of Interest.
    Notwithstanding any general or special statutes, local laws and ordinances to the contrary, no collateral loan broker shall ask, demand or receive any greater rate...
  • 47 - Second-Hand Business.
    A collateral loan broker may purchase items of personal property in accordance with this section, provided however that a collateral loan broker shall not receive...
  • 47-a - Collateral Loan Broker Dealing With a Child.
    No collateral loan broker or person in the employ of a collateral loan broker shall receive or purchase any goods, chattels, wares or merchandise from,...
  • 48 - Sale of Unclaimed Pledge by Collateral Loan Broker.
    1. No pawn or pledge made with a collateral loan broker shall be sold until the same shall have remained four months in his possession....
  • 49 - Notice of Such Sale; Report.
    1. No pledge shall be sold unless written or printed notice of intention to sell with a statement of the article or articles to be...
  • 50 - Disposition of Proceeds.
    1. The surplus money, if any, arising from any such sale, after deducting the amount of the loan, the interest then due on the same,...
  • 51 - Violation of This Article.
    The mayor or local licensing authority so licensing such collateral loan broker shall have full power and authority after a hearing to impose fines and...
  • 52 - Term "Collateral Loan Broker", How to Be Construed.
    The term "collateral loan broker" contained in this article shall be construed so as to include any person, partnership, or corporation: (1) loaning money on...
  • 53 - Registration Statements.
    After September first, nineteen hundred sixty, no person, corporation, partnership, firm or association shall carry on the business of collateral loan broker within the state...
  • 54 - Violation of Article.
    Any person, partnership, corporation, company or association who willfully violates any of the provisions of this article shall be guilty of a misdemeanor punishable by...
  • 55 - Rules and Regulations.
    The state comptroller is hereby authorized and empowered to require the keeping of such additional books, records, entries and reports as he may deem necessary...

Last modified: February 3, 2019