English translation: in the possession of/in the hands of/kept by/with
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English to English translations [PRO] Bus/Financial - Law: Contract(s)
English term or phrase:held
I can't quite understand what the word ,,held'' means in the following text:
,,NYBL § 492(1) requires any entity engaging "in the business of a sales finance company in this state to obtain a license therefor...from the Superintendent, as provided in this article." NYBL § 491(7) defines a "sales finance company" to include any entity "engaged, in whole or in part, directly or indirectly, in the business of purchasing or otherwise acquiring retail installment contracts... [entered into in this state]."
Any person who violates or participates in the violation of NYBL § 492(1) is guilty of a misdemeanor, and, upon conviction, will be fined not more than five hundred dollars or imprisoned for not more than six months or both, in the discretion of the court. It is important to note that NYBL is silent regarding the continued validity and enforceability of retail installment contracts *held* by an unlicensed sales finance company.''