N.Y. Comp. Codes R. & Regs. tit. 3 § 407.1

Current through Register Vol. 46, No. 43, October 23, 2024

Section 407.1 - Issuance of license

(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.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 407.1