N.Y. Banking Law 555 – License
§ 555. License. 1. No person except a lending institution or an authorized insurer shall engage in the business of a premium finance agency without a license therefor obtained from the superintendent, as provided in this article.
Terms Used In N.Y. Banking Law 555
- Lending institution: means a bank or a lender licensed pursuant to article nine of this chapter. See N.Y. Banking Law 554
- Person: means an individual, corporation, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity. See N.Y. Banking Law 554
- Premium finance agency: means :
(a) a person engaged, in whole or in part, in the business of entering into premium finance agreements with insureds, including a bank if so engaged; or
(b) a person engaged, in whole or in part, in the business of acquiring premium finance agreements from insurance agents or brokers or other premium finance agencies, including a bank if so engaged and an insurance agent or broker who is licensed as a premium finance agency and who holds premium finance agreements made and delivered by insureds to him or his order. See N.Y. Banking Law 554 - Superintendent: means the superintendent of financial services. See N.Y. Banking Law 554
2. Application for license required under this article shall be in writing, and in the form prescribed by the superintendent.
3. When an applicant has more than one office, separate applications for license shall be made for each such office.
4. At the time of filing an application for a license, the applicant shall pay to the superintendent an investigation fee. The investigation fee shall be as prescribed pursuant to section eighteen-a of this chapter, except that, when an applicant files applications for licenses for three or more offices at the same time, the total investigation fee for all the applications shall be three times the amount prescribed pursuant to section eighteen-a of this chapter.