N.Y. BNK Law § 592-A — New York Code / Act BNK / Article 12-D / Section 592-A
Application process to register as a mortgage broker
Status: in_force

§ 592-a. Application process to register as a mortgage broker. 1. Upon\nthe filing of an application for registration, if the superintendent\nshall find that the financial responsibility, experience, character, and\ngeneral fitness of the applicant, and of the members thereof if the\napplicant is a co-partnership or association, and of the officers and\ndirectors thereof if the applicant is a corporation, are such as to\ncommand the confidence of the community and to warrant belief that the\nbusiness will be operated honestly, fairly, and efficiently within the\npurpose of this article, the superintendent shall thereupon register the\napplicant as a mortgage broker on a roll maintained for that purpose at\nthe department of financial services, and issue a certificate attesting\nto such registration in duplicate. If the superintendent shall not so\nfind, the superintendent shall not register such applicant, and shall\nnotify the applicant of the denial. The superintendent shall transmit\none copy of such certificate to the applicant and file another in the\noffice of the department of financial services. Upon receipt of such\ncertificate a mortgage broker shall be authorized to engage in the\nbusiness of placing, processing and negotiating mortgage loans. Such\nregistration shall remain in full force and effect until it is\nsurrendered by the licensee or revoked or suspended as hereinafter\nprovided, except that such registration, notwithstanding any provisions\nof subdivision five of section seventeen of this chapter to the\ncontrary, shall expire upon the registrant's failure to pay the required\nassessment charged pursuant to such section seventeen thirty days after\nthe date or dates such payment or payments are due. If the registrant\nfails to pay such charged assessment by the date or dates such payment\nor payments are due, then the registrant shall be required to pay, in\naddition, a late fee in the amount of one hundred dollars. Such\nregistration shall be reinstated if the registrant pays such assessment\ncharged and any applicable late fees and/or interest within sixty days\nof such expiration. The superintendent shall approve or deny every\napplication for registration hereunder within ninety days from the\nfiling of a complete application provided, however, that failure to act\nwithin the prescribed period shall not be deemed approval of any such\napplication.\n  2. The superintendent may refuse to issue a certificate pursuant to\nthis article if he or she shall find that the applicant, or any person\nwho is a director, officer, partner, agent, employee, substantial\nstockholder of the applicant, consultant or person having a relationship\nwith the applicant similar to a consultant, (a) has been convicted of a\ncrime involving an activity which is a felony under this chapter or\nunder article one hundred fifty-five, one hundred seventy, one hundred\nseventy-five, one hundred seventy-six, one hundred eighty, one hundred\neighty-five, one hundred eighty-seven, one hundred ninety, two hundred,\ntwo hundred ten or four hundred seventy of the penal law or any\ncomparable felony under the laws of any other state or the United\nStates, provided that such crime would be a felony if committed and\nprosecuted under the laws of this state or (b) has had a license or\nregistration revoked by the superintendent or (c) has been a director,\npartner, or substantial stockholder of an entity which has had a license\nor registration revoked by the superintendent or (d) has been an agent,\nemployee or officer of an entity, or a consultant to, or person having\nhad a similar relationship with, any entity which has had a license or\nregistration revoked by the superintendent where such person shall have\nbeen found by the superintendent to bear responsibility in connection\nwith the revocation. The term "substantial stockholder", as used in this\nsubdivision, shall be deemed to refer to a person owning or controlling\ndirectly or indirectly ten per centum or more of the total outstanding\nstock of a corporation.\n