§ 422. Conditions precedent to licensing. Upon filing of an application for a license, if the secretary shall be satisfied of the good character, competency and integrity of the applicant, and of the principals and officers thereof are such as to comply with the provisions of this article, he or she shall thereupon issue a license in duplicate to operate as a coin processor in accordance with the provisions of this article. The secretary shall transmit one copy of such license to the licensee and file another in the office of the department. Such license shall remain in full force and effect for a period of two years unless it is surrendered by the licensee or revoked or suspended as hereinafter provided; if the secretary shall not so find, the secretary shall not issue such license and the secretary shall notify the applicant of the denial in writing. The secretary shall approve or deny every application for license hereunder within ninety days from the filing thereof.

Terms Used In N.Y. General Business Law 422

  • applicant: means a coin processor who has filed an application with the department for a license. See N.Y. General Business Law 419
  • coin processor: means any individual, partnership, association or corporation engaged in the business of providing coin processing services. See N.Y. General Business Law 419
  • department: means the department of state. See N.Y. General Business Law 419
  • licensee: means a coin processor that has been issued a license in accordance with the provisions of this article. See N.Y. General Business Law 419
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • secretary: means the secretary of state. See N.Y. General Business Law 419
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