New York Laws
Article 9 - Licensed Lenders
340 - Doing Business Without License Prohibited.

§ 340. Doing business without license prohibited. No person or other
entity shall engage in the business of making loans in the principal
amount of twenty-five thousand dollars or less for any loan to an
individual for personal, family, household, or investment purposes and
in a principal amount of fifty thousand dollars or less for business and
commercial loans, and charge, contract for, or receive a greater rate of
interest than the lender would be permitted by law to charge if he were
not a licensee hereunder except as authorized by this article and
without first obtaining a license from the superintendent.

For the purposes of this section, a person or entity shall be
considered as engaging in the business of making loans in New York, and
subject to the licensing and other requirements of this article, if it
solicits loans in the amounts prescribed by this section within this
state and, in connection with such solicitation, makes loans to
individuals then resident in this state, except that no person or entity
shall be considered as engaging in the business of making loans in this
state on the basis of isolated, incidental or occasional transactions
which otherwise meet the requirements of this section.

Nothing in this article shall apply to licensed collateral loan
brokers.