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Information and Resources for Sales Finance Companies

As stated in Section 492(1) of the Banking Law, “No person, except a bank, savings bank, savings and loan association, trust company, private banker, credit union, investment company organized under article twelve of this chapter and authorized to accept deposits, national bank, federal savings association, federal credit union, or out-of-state state bank, as such term is defined in subdivision two of section two hundred twenty-two of this chapter, or lender licensed pursuant to article nine of this chapter, shall engage in the business of a sales finance company in this state without a license therefor obtained from the superintendent, as provided in this article.”

For Sales Finance Company licensing requirements see Article 11-B of Banking Law, sections 491 to 502 and Superintendent's Regulations parts 403 and 300.

Announcements

On November 1, 2017, the New York State Department of Financial Services (DFS) transitioned Sales Finance Companies to the Nationwide Multistate Licensing System and Registry (NMLS) to manage license applications and ongoing regulation.  NMLS was created by the Conference of State Bank Supervisors (CSBS) and began operations in January 2008. DFS strongly supports CSBS efforts such as Vision 2020 and currently employs NMLS to manage and regulate licensed lenders, sales finance companies, money transmitters, and mortgage providers licensed in New York.

Applications

Annual Reports

Examination and Annual Assessment Information

Institutions We Supervise

The Department of Financial Services supervises many different types of institutions. Supervision by DFS may entail chartering, licensing, registration requirements, examination, etc. The Who We Supervise search application can help you find out whether an institution is regulated and/or licensed by DFS, and what additional locations or branches they may have.

Updated 01/08/2018

 

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