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Banking Interpretations

August 15, 2002

Dear [          ]:

Your letter of July 2, 2002 has been referred to me for reply.  You ask if your law firm, which is based in Ohio, is required to become licensed in New York in order to collect debts from New York corporate debtors on behalf of your corporate client.

Our response is limited as to whether there are any prohibitions in the New York State Banking Law ("Banking Law") which would prohibit the activities you contemplate.  In brief, the Banking Law contains no prohibitions which would prohibit your firm doing collections work here in New York. Should your firm seek to collect debts from consumers, however, you would be subject to Article 29-H of the General Business Law, a copy of which I have attached hereto for your consideration.  We also point out that you may be subject to New York City licensing requirements governing debt collection activities within the City of New York.

I trust the foregoing is responsive to your inquiry.

Sincerely yours,

Jay Kane
Assistant Counsel
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