§ 344. Issuance of license upon acquisition of business of licensed\nlender. 1. Prior to any acquisition, by merger, consolidation, purchase\nof assets or otherwise, except by purchase of stock, of the assets or\nbusiness, or a substantial part thereof, of a licensee under this\narticle, the person desirous of continuing to maintain and operate any\nplace of business theretofore maintained and operated by such licensee\nand each person who controls such person shall file with the\nsuperintendent, for all such places of business, one application, in\nsuch form and containing such information, including the information\nrequired under section three hundred forty-one of this article, as the\nsuperintendent may require. At the time of making such application, the\napplicants shall pay to the superintendent an investigation fee, as\nprescribed pursuant to section eighteen-a of this chapter if the person\ndesirous of continuing to maintain and operate such places of business\nis already licensed under this article, or, if such person is not so\nlicensed, an investigation fee as prescribed pursuant to section\neighteen-a of this chapter. If such person is licensed, the\nsuperintendent shall amend the license accordingly within thirty days if\nit is found that the acquisition is in accordance with the purposes of\nthis article. If such person is not licensed, the superintendent shall\ndetermine whether the financial responsibility, experience, character,\nand general fitness of the applicants, and of the members thereof if any\napplicant be a partnership or association, and of the officers,\ndirectors and controlling stockholders thereof if any applicant be a\ncorporation, are such as to command the confidence of the community and\nto warrant belief that the business will be operated honestly, fairly,\nand efficiently within the purpose of this article and the\nsuperintendent shall approve or deny such application within ninety days\nof the filing thereof. If the superintendent disapproves such\napplication, or, if no such application has been made, the license for\neach such place of business shall become null and void and the\napplicants or licensee, whoever has possession of each such license,\nshall forthwith surrender the license theretofore in effect to the\nsuperintendent. If the superintendent approves such application, the\nperson being acquired shall surrender to the superintendent the license\ntheretofore in effect for each such place of business and the\nsuperintendent shall issue and transmit one copy of a new license to\nmaintain and operate each such place of business to the person desirous\nof continuing to maintain and operate such place of business and file\nanother copy in the department.\n As used in this subdivision one, (a) the term "person" includes an\nindividual, partnership, corporation, association or any other\norganization and (b) the term "control" means the possession, directly\nor indirectly, of the power to direct or cause the direction of the\nmanagement and policies of a person, whether by means of the ownership\nof the voting stock or equity interests of such person or of one or more\npersons controlling such persons, by means of a contractual arrangement,\nor otherwise. Control shall be presumed to exist if any person directly\nor indirectly owns, controls or holds with the power to vote ten per\ncentum or more of the voting stock or equity interests of the person\ndesirous of continuing to maintain and operate a licensee's place of\nbusiness or of any entity which directly or indirectly controls such\nperson. The superintendent may, upon the application of a licensee or\nany such person or entity, determine whether or not the ownership,\ncontrol or holding of such voting stock or equity interests constitutes\nor would constitute control for purposes of this subdivision.\n 2. The transfer by operation of law to a legal representative, as\nhereinafter defined, of the assets or business of a licens
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.