A New York license suspended for a bond lapse is uncured 90 days later in 2026. What happens when the bond defect remains uncured for ninety days after suspension?
Correct Answer
B) Terminated automatically by operation of law at that moment
Unless the superintendent has extended the suspension, the license shall be deemed automatically terminated by operation of law at the close of business on the ninetieth day after a suspension under that paragraph, where the licensee has not cured all deficiencies. Other choices: the outcome is termination rather than indefinite suspension or reinstatement, and it happens without a further order. Source: N.Y. Banking Law § 599-n(3)(c)
Why This Is the Correct Answer
Unless the superintendent has extended the suspension, the license shall be deemed automatically terminated by operation of law at the close of business on the ninetieth day after a suspension under that paragraph, where the licensee has not cured all deficiencies. Other choices: the outcome is termination rather than indefinite suspension or reinstatement, and it happens without a further order. Source: N.Y. Banking Law § 599-n(3)(c)
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