NY Banking L § 592 (2021)
2021 New York Laws BNK - Banking Article 12-D - Licensed Mortgage Bankers 592 - Application Process to Receive License to Engage in the Business of Mortgage Banking.

§ 592.  Application  process  to  receive  license  to  engage  in the   business of mortgage banking. 1. Upon the filing of an application for a   license,  if  the  superintendent  shall   find   that   the   financial   responsibility,  experience,  character,  and  general  fitness  of  the   applicant  and  of  the  members  thereof  if   the   applicant   is   a   co-partnership or association, and of the officers and directors thereof   if  the applicant is a corporation are such as to command the confidence   of the community and  to  warrant  belief  that  the  business  will  be   operated  honestly,  fairly,  and efficiently within the purpose of this   article, the superintendent shall thereupon issue a license in duplicate   to engage in the business of making mortgage loans described in  section   five  hundred  ninety  of  this article in accordance with provisions of   this  article.  If  the  superintendent   shall   not   so   find,   the   superintendent  shall  not  issue  such  license, and the superintendent   shall notify the applicant  of  the  denial.  The  superintendent  shall   transmit  one  copy of such license to the applicant and file another in   the office of the department of financial services. Upon receipt of such   license, a mortgage banker shall be authorized to engage in the business   of making mortgage loans in  accordance  with  the  provisions  of  this   article.  Such license shall remain in full force and effect until it is   surrendered by the licensee  or  revoked  or  suspended  as  hereinafter   provided. The superintendent shall approve or deny every application for   license  hereunder  within  ninety  days  from the filing of a completed   application provided, however, that failure to act within the prescribed   period shall not be deemed approval of any such application.2. The superintendent may refuse to issue a license pursuant  to  this   article if he or she shall find that the applicant, or any person who is   a  director,  officer, partner, agent, employee, substantial stockholder   of the applicant, consultant or person having a  relationship  with  the   applicant  similar  to  a  consultant, (a) has been convicted of a crime   involving an activity which is a felony  under  this  chapter  or  under   article  one  hundred  fifty-five,  one  hundred  seventy,  one  hundred   seventy-five, one hundred seventy-six, one hundred eighty,  one  hundred   eighty-five,  one hundred eighty-seven, one hundred ninety, two hundred,   two hundred ten or  four  hundred  seventy  of  the  penal  law  or  any   comparable  felony  under  the  laws  of  any  other state or the United   States, provided that such crime would be  a  felony  if  committed  and   prosecuted  under  the  laws  of  this state or (b) has had a license or   registration revoked by the superintendent or (c) has been  a  director,   partner, or substantial stockholder of an entity which has had a license   or  registration revoked by the superintendent or (d) has been an agent,   employee or officer of an entity, or a consultant to, or  person  having   had  a  similar relationship with, any entity which has had a license or   registration revoked by the superintendent where such person shall  have   been  found  by  the superintendent to bear responsibility in connection   with the revocation. The term "substantial stockholder", as used in this   subdivision, shall be deemed to refer to a person owning or  controlling   directly  or  indirectly ten per centum or more of the total outstanding   stock of a corporation.