§ 40. Licenses. No person, corporation, partnership or firm shall
hereafter carry on the business of collateral loan broker, without
having first obtained from the mayor of the city or licensing authority
of the local governing body where the business is to be carried on a
license authorizing such person to carry on the same in the manner and
upon the conditions stated in the succeeding sections of this article.
In the city of New York such license may be issued by the commissioner
of consumer affairs. Nothing herein shall be construed to prohibit a
collateral loan broker from employing the title pawnbroker in connection
with the collateral loan business. The title pawnbroker shall be used
exclusively by a collateral loan broker.