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 set up a procedure by
which the Office of the Town Clerk can issue said licenses.
As used in this chapter, the following terms shall have the
meanings indicated:
COLLATERAL LOAN BROKERS
Any person, partnership, corporation or entity:
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 § 53 of the General Business Law, a copy
of the collateral loan broker's registration statement shall be filed
in the Office of the State Comptroller for the State of New York 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 General Business Law, or successor 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 Town of Huntington
under New York State statutes.
This chapter shall not create any liability on the part of the
Town of Huntington, its officers, agents or employees, or the Suffolk
County Police Department, its officers, agents or employees, for any
act or damage caused as a result from reliance on this chapter or
any administrative decision lawfully made thereunder.
Any collateral loan broker business shall be permitted to operate
in the Town of Huntington only so long as it shall be and continues
to be in compliance with all requirements of Article 5 of the General
Business Law as well as all other applicable requirements of law.
The Town Clerk shall suspend any license and may recommend that
such license be revoked, under the following circumstances:
A. Noncompliance.
Any violation of or failure to comply with the provisions of this
chapter, or any reason for which the original application could have
been disapproved.
B. Criminality.
Conviction of any violation or crime which, in the judgment of the
Town Clerk renders the holder incapable of carrying on a business
as a collateral loan broker in the Town of Huntington.
C. Deception.
Fraud, misrepresentation or false statements contained in the application
for the license.