NY Banking L § 592-A (2021)
2021 New York Laws BNK - Banking Article 12-D - Licensed Mortgage Bankers 592-A - Application Process to Register as a Mortgage Broker.

§ 592-a. Application process to register as a mortgage broker. 1. Upon   the  filing  of  an  application for registration, 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 register the   applicant  as a mortgage broker on a roll maintained for that purpose at   the department of financial services, and issue a certificate  attesting   to  such  registration  in duplicate. If the superintendent shall not so   find, the superintendent shall not register such  applicant,  and  shall   notify  the  applicant  of the denial. The superintendent shall transmit   one copy of such certificate to the applicant and file  another  in  the   office  of  the  department  of financial services. Upon receipt of such   certificate a mortgage broker shall  be  authorized  to  engage  in  the   business  of  placing,  processing  and negotiating mortgage loans. Such   registration  shall  remain  in  full  force  and  effect  until  it  is   surrendered  by  the  licensee  or  revoked  or suspended as hereinafter   provided, except that such registration, notwithstanding any  provisions   of  subdivision  five  of  section  seventeen  of  this  chapter  to the   contrary, shall expire upon the registrant's failure to pay the required   assessment charged pursuant to such section seventeen thirty days  after   the  date  or  dates such payment or payments are due. If the registrant   fails to pay such charged assessment by the date or dates  such  payment   or  payments  are  due, then the registrant shall be required to pay, in   addition, a late  fee  in  the  amount  of  one  hundred  dollars.  Such   registration  shall be reinstated if the registrant pays such assessment   charged and any applicable late fees and/or interest within  sixty  days   of  such  expiration.  The  superintendent  shall  approve or deny every   application for registration  hereunder  within  ninety  days  from  the   filing  of a complete 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 certificate 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.