The game must be installed under C:\Program Files (x86)\Steam\Steamapps\Common\Max Payne 3 in order for Social Club to load, which is required to play the game. If the game was installed to a custom steam folder, there are two methods to solve the issue.
C:\Program Files (x86)\Steam\Steamapps\Common\Max Payne 3
It is possible to create a symlink to the folder containing the game, tricking the game into believing it is installed in the correct location.
mklink /D "Max Payne 3" "K:\Games\Steam\steamapps\common\Max Payne 3"
Replacing "K:\Games\Steam\steamapps\common\Max Payne 3" with whatever path you have to your Max Payne 3 installation.
"K:\Games\Steam\steamapps\common\Max Payne 3"
Next time you run the game through Steam it will reinstall the prerequisites, and then let you play the game.
The game must be installed under C:\Program Files (x86)\Steam\Steamapps\Common\Max Payne 3 in order for Social Club to load, which is required to play the game. If the game was installed to a custom steam folder, copy (not move) it to C:\Program Files (x86)\Steam\Steamapps\Common\Max Payne 3, then have Steam uninstall the game, then reinstall it to the default location. Steam will detect the existing files and fix the installation, and the game will proceed properly. If the problem is not solved:
This can be fixed by going into safe mode, and changing the game to DirectX 9.
Turning off FXAA, MSAA, and vsync may help to make negative mouse acceleration tolerable.
Custom ddraw.dll changes mouse feeling too. But not in ever case for better.
It can be easily checked in main menu.
Alternatively you can check ddraw.dll from SysWow64 folder (different file size).
This error is usually caused by having an Xbox 360 Wireless Network Adapter plugged into USB.
Run maxpayne3.exe as an administrator.
Ensure Data Execution Prevention (DEP) is set to the default (Windows programs and services only).
One fix is to edit %USERPROFILE%\Documents\Rockstar Games\Max Payne 3\graphics.xml
%USERPROFILE%\Documents\Rockstar Games\Max Payne 3\graphics.xml
For the error message "no activations remaining for this activation key" or "cannot contact activation server
 when trying to activate the game over socialclub.
Can be fixed by reinstalling Rockstar Games Social Club before launching. This have to be done every time before launching the game.
Also make sure that your internet connection works fine. Problem may also appear during using Android smartphone as modem. When using Steam version, the problem may appear when you run game's executable without Steam enabled.