§ 599-a. Legislative purpose. The legislature deems it necessary, in order to enhance consumer protection, reduce fraud and ensure the public welfare, that mortgage loan originators who originate mortgage loans on residential real property be subject to regulation by the superintendent and that such regulation be consistent with Title V of The Housing and Economic […]
§ 599-b. Definitions. As used in this article: 1. “Annual expiration date” means December thirty-first of each year. 2. “Depository institution” has the same meaning as in section three of the Federal Deposit Insurance Act, and includes any credit union. 3. “Federal banking agencies” means the Board of Governors of the Federal Reserve System, the […]
§ 599-c. License required. 1. License required. No individual, unless specifically exempt pursuant to subdivision three of this section shall engage in the business of a mortgage loan originator with respect to any dwelling or residential real property in this state without first obtaining and maintaining annually a license under this article. Each licensed mortgage […]
§ 599-d. State license application. 1. Form of application. Applicants for a license under this article shall apply on a form prescribed by the superintendent. Each such form shall contain content as set forth by rule, regulation, instruction or procedure of the superintendent and may be changed or updated as necessary by the superintendent in […]
§ 599-e. Issuance of a license. 1. Findings. Notwithstanding any other law, the superintendent shall not issue a mortgage loan origination license unless he or she makes, at a minimum, the following findings: (a) No license revocation. That the applicant has never had a mortgage loan originator authorization, license or license equivalent revoked in any […]
§ 599-f. Pre-licensing educational requirements. 1. Minimum educational requirements. In order to meet the pre-licensing education requirement referred to in this article, a person shall complete at least twenty hours of education approved in accordance with subdivision two of this section, which shall include at least the following minimum requirements: (a) Three hours of federal […]
§ 599-g. Testing of mortgage loan originators. 1. General requirements. In order to meet the written test requirement referred to in this article, an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the NMLSR and administered by a test provider approved by the NMLSR based […]
§ 599-h. Mortgage call reports. Each originating entity shall submit to the NMLSR reports of condition, which shall be in such form and shall contain such information as the NMLSR may require.
§ 599-i. Standards for license renewal; inactive status. 1. Standards for renewal. The following minimum standards for license renewal for mortgage loan originators are hereby established: (a) The mortgage loan originator must continue to meet the minimum standards for license issuance set forth in section five hundred ninety-nine-e of this article; (b) The mortgage loan […]
§ 599-j. Continuing education for mortgage loan originators. 1. Continuing education requirements. In order to meet the annual continuing education requirements referred to in section five hundred ninety-nine-i of this article, a licensed mortgage loan originator shall complete, beginning in the year after such individual is licensed, at least eleven hours of education approved in […]
§ 599-k. Required surety bond. 1. Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event that the mortgage loan originator is an employee or exclusive agent of an originating entity, the surety bond of such person may be used to satisfy the mortgage loan originator’s […]
§ 599-l. Reports by the superintendent; permissive challenges by licensees. 1. Notwithstanding any other provisions of law, the superintendent shall report on a regular basis, not more than annually, all violations of this article, as well as enforcement actions and other relevant information, to the NMLSR subject to the provisions contained in the confidentiality provisions […]
§ 599-m. Required records and reporting. 1. Educational records. Each originating entity shall obtain and retain acceptable documentation of the satisfactory completion of education courses required pursuant to this article by each mortgage loan originator employed by or affiliated with such originating entity and shall provide such documentation at the request of the superintendent. Such […]
§ 599-n. Enforcement authority; grounds for suspension or revocation of a mortgage loan originator license; restitution. 1. Licensee revocation. In addition to the authority set forth in subdivision three of this section, the superintendent may revoke a license to engage in business as a mortgage loan originator pursuant to this article if he or she […]
§ 599-o. Rules, regulations and examinations. 1. The superintendent is hereby authorized and empowered to make such rules and regulations and interim procedures for licensing and acceptance of applications as may in his or her judgment be necessary or appropriate for the effective administration or enforcement of this article. For individuals previously authorized to act […]
§ 599-p. Unique identifier. The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or websites, and any other documents as established by rule, regulation or order of the superintendent.
§ 599-q. Confidentiality. In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing, information provided to the superintendent by an MLO shall be subject to the following: 1. Except as otherwise provided in public law 110-289, section 1512, the requirements under any federal law, the freedom of information law (“FOIL”) […]
§ 599-r. Construction. Nothing contained in this article shall be deemed to impair, alter or render ineffective any provision of article twelve-D of this chapter, including but not limited to any provision thereof relating to issuing, suspending or revoking any mortgage banker license or mortgage broker registration.
