NY Banking L § 591-A (2021)
2021 New York Laws BNK - Banking Article 12-D - Licensed Mortgage Bankers 591-A - Application to Register as a Mortgage Broker; Fees.

§ 591-a.  Application  to  register  as a mortgage broker; fees. 1. An   application to become registered  as  a  mortgage  broker  shall  be  in   writing,  under  oath,  in  such  form  as  shall  be  prescribed by the   superintendent, and shall be accompanied  by  the  fingerprints  of  the   applicant.  Notwithstanding article three of the state technology law or   any other law to the contrary, the superintendent may  require  that  an   application  for,  or  renewal  of, a license or any other submission or   application for approval as may be required by this article, be made  or   executed  by  electronic  means, including through the National Mortgage   Licensing System and  Registry  or  other  entities  designated  by  the   National  Mortgage  Licensing  System and Registry if he or she deems it   necessary to ensure the efficient and effective administration  of  this   article.  Such  fingerprints  shall  be  submitted  to  the  division of   criminal justice services for a state criminal history record check,  as   defined  in subdivision one of section three thousand thirty-five of the   education  law,  and  may  be  submitted  to  the  federal   bureau   of   investigation  for  a  national  criminal  history  record  check.  Such   application shall contain the name and complete business and residential   address or addresses  of  the  applicant,  or  if  the  applicant  is  a   partnership,   association,   corporation  or  other  form  of  business   organization, the names and complete business and residential  addresses   of each member, director and principal officer thereof. Such application   shall  also  include  an  affirmation  of financial solvency noting such   capitalization requirements as may be required  by  the  superintendent,   and   such   descriptions   of   the   business   activities,  financial   responsibility, educational background and general character and fitness   of the  applicant  as  may  be  required  by  the  superintendent.  Such   application  shall be accompanied by an investigation fee payable to the   superintendent as prescribed pursuant  to  section  eighteen-a  of  this   chapter.2.  A registrant may apply for authority to open and maintain a branch   office by giving the superintendent prior notice  of  its  intention  in   such  form  as  shall  be  prescribed  by the superintendent. Unless the   superintendent denies the application within thirty days of  publication   of notice of receipt of a completed application, the registrant shall be   permitted  to  open  and  maintain such branch office. An application to   open  and  maintain  a  branch  office  shall  be  accompanied   by   an   investigation  fee  as prescribed pursuant to section eighteen-a of this   chapter.3. As a condition  for  the  issuance  and  retention  of  a  mortgage   broker's   registration,   and   subject  to  such  regulations  as  the   superintendent shall prescribe, applicants for a registration shall file   with the superintendent a surety bond or make a deposit, as described in   subdivision four of section five hundred ninety-one of this article,  in   an amount and form prescribed by regulations of the superintendent. Such   regulations  shall  provide  for  a  varying  bond  amount  based upon a   registrant's volume of  business  and  any  other  relevant  factors  as   determined by the superintendent, but in no case shall such bond be less   than  ten  thousand  dollars nor more than one hundred thousand dollars;   provided however that if the superintendent determines, in  his  or  her   sole  discretion,  that a registrant has engaged in a pattern of conduct   resulting  in  bona  fide  consumer  complaints   of   misconduct,   the   superintendent  may  require  such  registrant to post a surety bond, or   keep on deposit as provided in this subdivision,  twice  the  amount  of   such bond or deposit as is required consistent with such regulations. In   the   event  of  the  insolvency,  liquidation  or  bankruptcy  of  such   registrant, or the surrender or revocation  of  such  mortgage  broker's   registration,  or  where  the  superintendent  takes  possession of such    registrant, the proceeds of each bond  or  deposit  shall  constitute  a   trust  fund  to  be used exclusively to reimburse consumer fees or other   charges determined by the superintendent to  be  improperly  charged  or   collected   and  to  pay  past  due  department  of  financial  services   examination costs and assessments  charged  to  the  registrant,  unpaid   penalties, or other obligations of the registrant. The superintendent is   authorized to promulgate such regulations as are necessary and desirable   to  define and implement the provisions of this subdivision. Persons and   entities registered prior to the effective date of  any  regulations  of   the  superintendent  implementing  or  modifying the bonding requirement   authorized by this subdivision shall file such bond  or  establish  such   deposit within six months of the effective date of such regulations.