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Requirements for New Branch Request

  1. A written notification on corporate letterhead signed by an authorized executive officer.
  2. Completed Application Form
  3. Board of director’s resolution approving the proposed branch.
  4. Address of the new branch and the anticipated start date.
  5. A business plan/merit statement for the proposed location describing at least the following:
    1. The reason/purpose of opening a new branch;
    2. How the branch will be staffed;
    3. Who will be responsible for the day-to-day operations;
    4. What impact the proposed branch will have on the average daily balance in the client escrow account; and
    5. The anticipated benefits to the community.
  6. A three-year projection of the number and volume of contracts signed with New York clients at the new branch.
  7. Current surety bond information:  company name, bond amount, when established, and expiry date.
  8. Signed lease agreement
  9. An affidavit stating that the proposed location is located in a properly zoned area for commercial use.

Mail the aforementioned documents, in one package, to:
NYS Department of Financial Services
Department of Financial Services
One State Street
New York, NY 10004-1511
Attn:  Licensed Financial Services - Applications


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