Notice of receipt of a New York mortgage banker complete branch-office application was published 35 days ago. The superintendent has not denied it. Under Banking Law section 591(3), may the banker open the branch?
Correct Answer
D) It may open: 30 days passed without a denial
Unless the superintendent denies the application within thirty days of publication of notice of receipt of a completed application, the licensee shall be permitted to open and maintain such branch office. Other choices: the structure is denial within a window rather than affirmative approval; and the window is 30 days. Source: N.Y. Banking Law § 591(3)
Why This Is the Correct Answer
Unless the superintendent denies the application within thirty days of publication of notice of receipt of a completed application, the licensee shall be permitted to open and maintain such branch office. Other choices: the structure is denial within a window rather than affirmative approval; and the window is 30 days. Source: N.Y. Banking Law § 591(3)
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