New York Consolidated Laws, Banking Law - BNK § 737. License or authorization

(a) An application for a license shall be in writing, under oath, and in the form and containing such information as the superintendent may require.

(b) At the time of filing an application for a license, the applicant shall pay to the superintendent a fee as prescribed pursuant to section eighteen-a of this chapter.

(c) A license granted under this article shall be valid unless revoked or suspended by the superintendent or unless surrendered by the licensee and accepted by the superintendent.

(d) No licensee or authorized buy-now-pay-later lender shall be permitted to engage in lending of any category of buy-now-pay-later loan not captured by subdivision three of section seven hundred thirty-six of this article without receiving permission from the superintendent to do so.

(e) The superintendent shall establish a process by which a licensee or authorized lender may obtain permission to update categories of buy-now-pay-later loans they are permitted to offer to a license or authorization under this article, provided that a single license or authorization may include multiple categories of buy-now-pay-later loans.  A license or authorization granted under this article shall specify the eligible buy-now-pay-later loans and shall be limited to categories of lending in which the lender has been licensed or authorized by the superintendent to engage.  Buy-now-pay-later lenders shall not be required to obtain more than one license or authorization for multiple categories of lending.  A licensed or authorized buy-now-pay-later lender must clearly and conspicuously disclose to consumers its license or authorization status in accordance with section seven hundred thirty-nine of this article.

(f) In connection with an application for a license, the applicant shall submit an affidavit of financial solvency, including financial statements, noting such capitalization requirements and access to such credit or such other affirmation or information as may be prescribed by the regulations of the superintendent for different categories of buy-now-pay-later loans.  The applicant shall also submit policies and procedures for underwriting such buy-now-pay-later loans.