N.Y. BNK Law § 599-B — New York Code / Act BNK / Article 12-E / Section 599-B
Definitions
Status: in_force

§ 599-b. Definitions. As used in this article:\n  1. "Annual expiration date" means December thirty-first of each year.\n  2. "Depository institution" has the same meaning as in section three\nof the Federal Deposit Insurance Act, and includes any credit union.\n  3. "Federal banking agencies" means the Board of Governors of the\nFederal Reserve System, the Comptroller of the Currency, the Director of\nthe Office of Thrift Supervision, the National Credit Union\nAdministration, and the Federal Deposit Insurance Corporation.\n  4. "Immediate family member" means a spouse, child, sibling, parent,\ngrandparent, or grandchild. This includes stepparents, stepchildren,\nstepsiblings and adoptive relationships.\n  5. "Individual" means a natural person.\n  6. Loan processor or underwriter-\n  (a) "Loan processor or underwriter" means an individual who performs\nclerical or support duties as an employee at the direction of and\nsubject to the supervision and instruction of a person licensed, or\nexempt from licensing, under this article, provided that such individual\ndoes not represent to the public, through advertising or other means of\ncommunicating or providing information, including the use of business\ncards, stationery, brochures, signs, rate lists, or other promotional\nitems, that such individual can or will perform any of the activities of\na mortgage loan originator.\n  (b) For purposes of this subdivision, "clerical or support duties" may\ninclude, subsequent to the receipt of an application:\n  (i) the receipt, collection, distribution, and analysis of information\ncommon for the processing or underwriting of a residential mortgage\nloan; and\n  (ii) communicating with a consumer to obtain the information necessary\nfor the processing or underwriting of a loan, to the extent that such\ncommunication does not include offering or negotiating loan rates or\nterms, or counseling consumers about residential mortgage loan rates or\nterms.\n  7. Mortgage loan originator (MLO) --\n  (a) "Mortgage Loan Originator" means an individual who for\ncompensation or gain or in the expectation of compensation or gain:\n  (i) takes a residential mortgage loan application; or\n  (ii) offers or negotiates terms of a residential mortgage loan.\n  (b) Does not include:\n  (i) any individual engaged solely as a loan processor or underwriter\nexcept as otherwise provided in subdivision four of section five hundred\nninety-nine-c of this article;\n  (ii) an individual who performs only real estate brokerage activities\nand is licensed or registered in accordance with applicable New York\nlaw, unless the individual is compensated by a lender, a mortgage\nbroker, or other mortgage loan originator or by any agent of such\nlender, mortgage broker, or other mortgage loan originator; and\n  (iii) an individual solely involved in extensions of credit relating\nto timeshare plans, as that term is defined in section 101(53D) of title\n11, United States Code.\n  (c) For purposes of this article, "real estate brokerage activity"\nmeans any activity that involves offering or providing real estate\nbrokerage services to the public, including:\n  (i) acting as a real estate agent or real estate broker for a buyer,\nseller, lessor, or lessee of real property;\n  (ii) bringing together parties interested in the sale, purchase,\nlease, rental, or exchange of real property;\n  (iii) negotiating, on behalf of any party, any portion of a contract\nrelating to the sale, purchase, lease, rental, or exchange of real\nproperty (other than in connection with providing financing with respect\nto any such transaction);\n  (iv) engaging in any activity for which a person engaged in the\nactivity is required to be registered or licensed as a real estate agent\nor real estate broker under any applicable law; and\n  (v) offering to engage in any activity, or act in any capacity,\ndescribed in subparagraphs (i), (ii), (iii), or (iv) of this paragraph.\n  8. "Residential mortgage loan" shall mean a loan to a natural person\nmade primarily for personal, family or household use, secured by either\na mortgage, deed of trust or other equivalent consensual security\ninterest on a dwelling (as defined in section 1203(v) of the Truth in\nLending Act) or residential real property or any certificate of stock or\nother evidence of ownership in, and proprietary lease from, a\ncorporation or partnership formed for the purpose of cooperative\nownership of residential real property and shall include any refinance\nor modification of any such existing loan.\n  9. "Nationwide Mortgage Licensing System and Registry" (NMLSR) means a\nmortgage licensing system developed and maintained by the Conference of\nState Bank Supervisors and the American Association of Residential\nMortgage Regulators for the licensing and registration of licensed\nmortgage loan originators.\n  10. "Nontraditional mortgage product" means, for purposes of this\narticle, any mortgage product other than a thirty-year fixed rate\nmortgage.\n  11. "Originating entity" means a person or entity licensed or\nregistered pursuant to article twelve-D of this chapter or such other\nemployer of mortgage loan originators as the superintendent may approve.\n  12. "Person" means an individual or any corporation, company, limited\nliability company, partnership, association or other entity.\n  13. "Registered mortgage loan originator" means any individual who:\n  (a) Meets the definition of mortgage loan originator and is an\nemployee of:\n  (i) a depository institution;\n  (ii) a subsidiary that is owned and controlled by a depository\ninstitution and regulated by a federal banking agency; or\n  (iii) an institution regulated by the Farm Credit Administration; and\n  (b) Is registered with, and maintains a unique identifier through, the\nNMLSR.\n  14. "Residential real property" shall mean real property located in\nthis state improved by a one-to-four family residence or residential\nunit in a building used or occupied, or intended to be used or occupied,\nwholly or partly, as the home or residence of one or more persons, but\nshall not refer to unimproved real property upon which such residence is\nto be constructed.\n  15. "Unique identifier" means a number or other identifier assigned by\nprotocols established by the NMLSR.\n