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Home » US Law » 2022 New York Laws » Consolidated Laws » GBS - General Business » Article 5 - Collateral Loan Brokers

40 – Licenses.

§ 40. Licenses. No person, corporation, partnership or firm shall hereafter carry on the business of collateral loan broker, without having first obtained from the mayor of the city or licensing authority of the local governing body where the business is to be carried on a license authorizing such person to carry on the same […]

41 – Licenses, How Obtained; Penalty for Carrying on Business Without License.

§ 41. Licenses, how obtained; penalty for carrying on business without license. The mayor or such local licensing authority may from time to time grant, under his or her hand and the official seal of his or her office, to such citizens, or noncitizens lawfully admitted for permanent residence in the United States, as he […]

41-A – Continuing Education Requirement.

§ 41-a. Continuing education requirement. 1. Every person licensed as a collateral loan broker pursuant to this article shall, between June thirtieth, two thousand seven and June twenty-ninth, two thousand nine, and during every two year period thereafter, complete not less than twelve hours of continuing education instruction offered in a course or program approved […]

42 – Action on Bond.

§ 42. Action on bond. If any person shall be aggrieved by the misconduct of any such licensed collateral loan broker, and shall recover judgment against him therefor, such person may, after the return unsatisfied, either in whole or in part, of any execution issued upon said judgment, maintain an action in his own name […]

43 – Certain Entries to Be Made in Book.

§ 43. Certain entries to be made in book. Every such collateral loan broker shall keep a book in which shall be fairly written, at the time of such loan, an account and description of the goods, articles or things pawned or pledged, the amount of money loaned thereon, the time of pledging the same, […]

44 – Memorandum to Be Given.

§ 44. Memorandum to be given. 1. Every such collateral loan broker shall at the time of each loan deliver to the person pawning or pledging any goods, article or thing, a memorandum or note signed by him containing the substance of the entry required to be made in his book by the last preceding […]

45 – Book to Be Open to Inspection.

§ 45. Book to be open to inspection. The said book and any and all other books and records regularly kept by such collateral loan broker shall at all reasonable times be open to the inspection of the attorney general, the state comptroller, the mayor or local licensing authority, all judges of the criminal courts, […]

46 – Rate of Interest.

§ 46. Rate of interest. Notwithstanding any general or special statutes, local laws and ordinances to the contrary, no collateral loan broker shall ask, demand or receive any greater rate of interest than four per centum per month, or any fraction of a month, and a notice containing a list of such rates of interest […]

47 – Second-Hand Business.

§ 47. Second-hand business. A collateral loan broker may purchase items of personal property in accordance with this section, provided however that a collateral loan broker shall not receive in pawn, as a pledge or as a purchase any instrument or weapon mentioned in section 265.05 of the penal law. A collateral loan broker may […]

47-A – Collateral Loan Broker Dealing With a Child.

§ 47-a. Collateral loan broker dealing with a child. No collateral loan broker or person in the employ of a collateral loan broker shall receive or purchase any goods, chattels, wares or merchandise from, or make any loan or advance or permit to be loaned or advanced to any child, actually or apparently under the […]

48 – Sale of Unclaimed Pledge by Collateral Loan Broker.

§ 48. Sale of unclaimed pledge by collateral loan broker. 1. No pawn or pledge made with a collateral loan broker shall be sold until the same shall have remained four months in his possession. 2. All sales of defaulted pledges shall be public or private with each such pledge being individually offered for sale. […]

49 – Notice of Such Sale; Report.

§ 49. Notice of such sale; report. 1. No pledge shall be sold unless written or printed notice of intention to sell with a statement of the article or articles to be sold has been first mailed by letter addressed to the pledgor at the address given at the time of pledging at least thirty […]

50 – Disposition of Proceeds.

§ 50. Disposition of proceeds. 1. The surplus money, if any, arising from any such sale, after deducting the amount of the loan, the interest then due on the same, the auctioneer’s commissions, if applicable, lawful extra care charges and the expense of the advertisement of the sale, if applicable, shall be paid over by […]

51 – Violation of This Article.

§ 51. Violation of this article. The mayor or local licensing authority so licensing such collateral loan broker shall have full power and authority after a hearing to impose fines and penalties of not less than twenty-five dollars nor more than one hundred dollars upon persons offending against any of the foregoing provisions of this […]

52 – Term “Collateral Loan Broker”, How to Be Construed.

§ 52. Term “collateral loan broker”, how to be construed. The term “collateral loan broker” contained in this article shall be construed so as to include any person, partnership, or corporation: (1) loaning money on deposit or pledge of personal property, other than securities or printed evidences of indebtedness; or (2) dealing in the purchasing […]

53 – Registration Statements.

§ 53. Registration statements. After September first, nineteen hundred sixty, no person, corporation, partnership, firm or association shall carry on the business of collateral loan broker within the state of New York unless and until such collateral loan broker shall have caused to be filed in the office of the state comptroller upon forms prescribed […]

54 – Violation of Article.

§ 54. Violation of article. Any person, partnership, corporation, company or association who willfully violates any of the provisions of this article shall be guilty of a misdemeanor punishable by a fine of not more than five hundred dollars, or imprisonment for not more than one year or both.

55 – Rules and Regulations.

§ 55. Rules and regulations. The state comptroller is hereby authorized and empowered to require the keeping of such additional books, records, entries and reports as he may deem necessary and to determine the amount of the surplus payable as abandoned property in the event of non-compliance with the provisions of this article.