(

a) The commissioner may issue a conditional license to an applicant who holds or maintains a license to conduct virtual currency business activity in the State of New York pursuant to Part of Title of the New York Code of Rules and Regulations or a charter as a New York State limited purpose trust company with approval to conduct a virtual currency business under New York law, provided the license was issued or approved no later than January 1, 2025, and the applicant pays all appropriate fees and complies with the requirements of this division. (

b) The commissioner may issue a conditional license to an applicant pending compliance with the requirements of

Section if all of the following conditions are met:

(1) The applicant has supplied all fingerprints required under

Section 3219.

(2) The applicant meets all other requirements for licensure.

(3) Notwithstanding the commissioner’s reasonable efforts, the commissioner has been unable to complete the criminal history investigations required by

Section with reasonable speed. (

c) A conditional license issued pursuant to this

section shall expire at the earliest of the following:

(1) Upon issuance of an unconditional license.

(2) Upon denial of a license application.

(3) Upon revocation of a license issued pursuant to Part of Title of the New York Code of Rules and Regulations or disapproval or revocation of a charter as a New York State limited purpose trust company with approval to conduct a virtual currency business under New York law.