Personal Finance Company of New York v. Lyon

This article 78 proceeding is brought by seven licensed small loan companies conducting business in this State. The respondent Superintendent of Banks of the State of New York (“ Superintendent ”) granted licenses to the respondent Friendly Finance Service, Incorporated, (“ Friendly ”) to operate small loan offices in Syracuse and Utica. Petitioners seek to annul this action by the ‘ ‘ Superintendent ’ ’.

The controversy was sparked by the statement in a weekly bulletin issued by the Banking Department that the aforementioned licenses were issued to “ Friendly ” “in reliance on a stipulation…