General Business Law § 40 authorizes the licensing
authority of the local governing body to issue licenses to carry on
the business of a collateral loan broker. Therefore, this chapter
is being enacted, pursuant to the requirements and standards set forth
in Article 5 of the General Business Law, to establish a procedure
by which the Office of the Village Clerk may issue said licenses.
As used in this chapter, the following terms shall have the
meanings indicated:
COLLATERAL LOAN BROKER
Any person, partnership or corporation:
A.
Loaning money on deposit or pledge of personal property, other
than securities or printed evidences of indebtedness; or
B.
Dealing in the purchasing of personal property on condition
of selling it back at a stipulated price; or
C.
Designated or doing business as a furniture storage warehouseman
and loaning and advancing money upon goods, wares or merchandise pledged
or deposited as collateral security.
As required by General Business Law § 53, a copy of
the collateral loan broker's registration statement shall be
filed with the Village Clerk of the Village of Lynbrook prior to the
establishment of any premises as a collateral loan broker business.
Any collateral loan broker engaged in the purchase or sale of
secondhand articles shall comply with § 47 of Article 5
of the New York State General Business Law.
In interpreting and applying the provisions of this chapter,
the rule of interpretation applicable to remedial legislation shall
be used so that the spirit and intent of this chapter shall be observed.
All provisions shall be:
A. Considered as minimum requirements; and
B. Deemed neither to limit nor repeal any other powers granted to the
Village of Lynbrook under New York State statutes.
This chapter shall not create any liability on the part of the
Village of Lynbrook, its officers, agents or employees for any act
or damage caused as a result of reliance on this chapter or any administrative
decision lawfully made thereunder.
Any collateral loan broker business shall be permitted to operate in the Village of Lynbrook only so long as it shall be and continues to be in compliance with all requirements of Article 5 of the General Business Law, this chapter, as well as all other applicable requirements of law. The Village Clerk shall review of the facts and circumstances of any failure of compliance and shall determine whether the license issued hereunder is to be suspended or revoked pursuant to §
100-10 herein.