Regulates commercial finance licensing; sets forth the application process for such licensing; makes conforming technical changes thereto.

The bill regulates commercial finance licensing in New York, detailing the application process and making technical changes. It prohibits unlicensed entities from making or soliciting commercial financing products to businesses in New York. The superintendent must approve or disapprove applications within ninety days. Licensees must keep financial records and submit annual reports. The superintendent can suspend or revoke licenses for violations. The bill also outlines exemptions, conditions for license issuance, and procedures for changes in control and license revocation.

Regulates commercial finance licensing; sets forth the application process for such licensing; makes conforming technical changes thereto.

The bill regulates commercial finance licensing in New York, detailing the application process and making technical changes. It prohibits unlicensed entities from making or soliciting commercial financing products to businesses in New York. The superintendent must approve or disapprove applications within ninety days. Licensees must keep financial records and submit annual reports. The superintendent can suspend or revoke licenses for violations. The bill also outlines exemptions, conditions for license issuance, and procedures for changes in control and license revocation.