* § 738. Conditions precedent to issuing a license; procedure where\napplication is denied. 1. After the filing of an application for a\nlicense accompanied by payment of the fee pursuant to paragraph b of\nsubdivision one of section seven hundred thirty-seven of this article,\nit shall be substantively reviewed. After the application is deemed\nsufficient and complete, if the superintendent finds that the financial\nresponsibility, including meeting any capital requirements as\nestablished pursuant to subdivision three of this section, experience,\ncharacter and general fitness of the applicant or any person associated\nwith the applicant are such as to command the confidence of the\ncommunity and to warrant the belief that the business will be conducted\nhonestly, fairly and efficiently within the purposes and intent of this\narticle, the superintendent shall issue the license. For the purpose of\nthis subdivision, the applicant shall be deemed to include all the\nmembers of the applicant if it is a partnership or unincorporated\nassociation or organization, and all the stockholders, officers and\ndirectors of the applicant if it is a corporation.\n 2. If the superintendent refuses to issue a license, the\nsuperintendent shall notify the applicant of the denial and retain the\nfee paid pursuant to paragraph b of subdivision one of section seven\nhundred thirty-seven of this article.\n 3. The superintendent shall promulgate rules and regulations setting\ncapital requirements to ensure the solvency and financial integrity of\nlicensees and their ongoing operations, taking into account the risks,\nvolume of business, complexity, and other relevant factors regarding\nsuch licensees. Further, the superintendent may promulgate rules and\nregulations prescribing a methodology to calculate capital requirements\nwith respect to licensees or categories thereof.\n * NB Effective upon the one hundred eightieth day after the\npromulgation of rules and/or regulations by the department of financial\nservices to effectuate certain provisions (see Ch. 58 of 2025, Part Y, §\n13)\n
‹ 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.