Consumer & commercial lending in New York

Who needs this in New York

A company that makes loans of $25,000 or less to individuals at more than 16 percent interest generally needs a New York licensed-lender authority from DFS. Other products (sales finance, budget planners, commercial finance disclosure) have their own DFS categories. Banks and credit unions lending under a charter are typically exempt.

Where to file

Request the licensed-lender (or the matching DFS) authority on NMLS. The 16 percent / $25,000 line is a statutory trigger — read the current Banking Law text before you rely on an exemption.

Federal overlay

TILA / Regulation Z, ECOA, FCRA, and CFPB supervision sit on top of the state license. A state license does not create a federal charter.

Sources

• NMLS / CSBS state agency contacts
• NYDFS banking and non-depository