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Approval to use a restricted word in a corporate name or other title

The following prohibited words require the prior approval of the Superintendent of Financial Services:

The basic guideline by which requests to use such words are approved or denied is whether there is a likelihood that the public might be confused or misled into believing that they are dealing with a banking institution. 

Statutory Authority For Approval 

Proposals for use of the term “Mortgage” are processed by Mortgage Banking. Requests to use any of the other terms ("Bank," "Trust," "Savings," "Acceptance," "Finance," "Investment," "Loan,") are processed generally by the Office of General Counsel. 

Contents of Application 

The application should include the following: 

(a) Photocopy of proposed or filed Certificate of Incorporation, Business Certification  for Partners/Partnership Agreement, assumed name application, etc., and any amendments thereto. 

(b) Out-of-state corporations should include a photocopy of Application for Authority to do Business in the State of New York.  

(c) A letter, preferably from an attorney, describing in detail the primary business  of the applicant in New York, the status of any licenses needed to do business in the state, or representation that no license or authority is necessary to do business in New York State.

 

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