N.Y. BNK Law § 342

§ 342. Conditions precedent to issuing license; procedure where\napplication denied. Upon the filing of such application and the payment\nof such fees, if the superintendent shall find that the financial\nresponsibility, experience, character, and general fitness of the\napplicant, and of the members thereof if the applicant be a partnership\nor association, and of the officers and directors thereof if the\napplicant be a corporation, are such as to command the confidence of the\ncommunity and to warrant belief that the business will be operated\nhonestly, fairly, and efficiently within the purposes of this article,\nand if the superintendent shall find that the applicant has available\nfor the operation of such business at each specified location liquid\nassets of at least fifty thousand dollars, the superintendent shall\nthereupon execute a master license, and if applicable one or more\nsupplemental licenses, to make loans in accordance with the provisions\nof this article at the location or locations specified in the said\napplication. The superintendent shall transmit one copy of such license\nor licenses to the applicant and file the same in the office of the\ndepartment. Each such license shall remain in full force and effect\nuntil it is surrendered by the licensee or revoked or suspended as\nhereinafter provided; if the superintendent shall not so find, a master\nlicense shall not be issued and the superintendent shall notify the\napplicant of the denial. If an application is denied or withdrawn the\nsuperintendent shall return to the applicant the sum paid by the\napplicant as a license fee, retaining the investigation fee to cover the\ncosts of investigating the application. The superintendent shall approve\nor deny every application for a master license hereunder within ninety\ndays from the filing thereof with the said fees.\n