reglab/statecodes huggingface dataset:
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 566 - Insurance Agents and Brokers; Acquisition by Premium Finance Agencies of Premium Finance Agreements.

§ 566.  Insurance  agents  and brokers; acquisition by premium finance
agencies of premium finance agreements. 1. An insurance agent or  broker
may  be  licensed  as  a  premium finance agency in accordance with this
article.
2. Notwithstanding any contrary provisions of  the  personal  property
law, banking law or other law:
(a) No premium finance agency, and no employee of such an agency shall
pay,  allow  or  offer  to  pay  or allow in any manner whatsoever to an
insurance agent or broker or any  employee  of  an  insurance  agent  or
broker, or to any other person, either as an inducement to the financing
of  any  insurance  policy  with the premium finance agency or after any
such policy has been financed, any rebate whatsoever,  either  from  the
service  charge for financing specified in the premium finance agreement
or otherwise, or shall give or offer to give any valuable  consideration
or  inducement of any kind directly or indirectly, other than an article
of merchandise not exceeding  one  dollar  in  value  which  shall  have
thereon  the  advertisement of the premium finance agency, but a premium
finance agency may purchase  or  otherwise  acquire  a  premium  finance
agreement,  provided  that  it conforms to this article in all respects,
from an insurance agent or broker or another premium finance agency with
recourse  against  the  agent,  broker  or  agency  on  such  terms  and
conditions as may be mutually agreed upon; and
(b) No filing of the assignment or notice thereof to the insured shall
be  necessary  to  the  validity  of the written assignment of a premium
finance  agreement  as  against  creditors  or  subsequent   purchasers,
pledgees or encumbrances of the assignor.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 567 - Form and Content of Premium Finance Agreements.

§ 567.  Form  and content of premium finance agreements.  1. A premium
finance agreement shall be in writing and  dated  on  the  date  of  its
signature  by  the  insured;  the printed portion thereof shall be in at
least eight point type.
2. It shall contain the entire agreement of the parties  with  respect
to  the insurance contract, the premiums for which are advanced or to be
advanced under it, and:
(a) At its top, the words PREMIUM FINANCE AGREEMENT in  at  least  ten
point bold type; and
(b)  A  notice  in at least eight point bold type, reading as follows:
NOTICE: 1. Do not sign this agreement  before  you  read  it  or  if  it
contains  any blank space. 2. You are entitled to a completely filled in
copy of this agreement. 3. Under the law, you have the right to pay  off
in  advance the full amount due and under certain conditions to obtain a
partial refund of the service charge.
3. A premium finance agreement shall:
(a) Contain the name and place of business of the insurance  agent  or
broker, if any, negotiating the related insurance contract, the name and
residence  or  the place of business of the insured as specified by him,
the name and place of business of the premium finance agency which is to
hold or acquire the agreement and to which instalment or other  payments
are  to  be  made, a description of the insurance contract, the premiums
for which are advanced or to be advanced under the  agreement,  and  the
amount of the premiums for such insurance contract; and
(b)  Set  forth  the  items  required  to  be  disclosed by the act of
congress entitled "Truth in Lending Act" and the regulations thereunder,
as such act and regulations may from time to time be amended.
4. No premium finance agreement shall be signed by an insured when  it
contains  any  blank  space  to  be  filled in after it has been signed;
however, if any insurance contract, the premiums for which are  advanced
or  to  be advanced under the agreement, has not been issued at the time
of its signature by the insured and it so  provides,  the  name  of  the
authorized  insurer  by  whom  such insurance contract is issued and the
policy number and the due date of the first instalment may be left blank
and later inserted in the original of the agreement after  it  has  been
signed by the insured.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 569 - Delinquency, Collection and Cancellation Charges; Attorney's Fees.

§ 569.  Delinquency,  collection  and cancellation charges; attorney's
  fees.  1. A premium finance agreement may provide for the payment by the
  insured of a delinquency and collection charge  on  each  instalment  in
  default  for  a  period  of  not less than five days in an amount of one
  dollar to a maximum not in excess of five per centum of such instalment,
  provided  however,  that  when  any  personal,  household  or   domestic
  insurance  contract  are  listed  in  the agreement the charge shall not
  exceed five dollars and, provided that only  one  such  delinquency  and
  collection  charge may be collected on any such instalment regardless of
  the period during which it  remains  in  default  and,  if  the  default
  results  in  the  cancellation  of  any  personal, household or domestic
  insurance contract listed in the agreement, the  agreement  may  provide
  for  the  payment  by  the insured of a cancellation charge equal to the
  difference between any delinquency  and  collection  charge  imposed  in
  respect to the instalment in default and five dollars.
2.  A  premium  finance  agreement may also provide for the payment of
  attorney's fees not exceeding twenty per centum of the  amount  due  and
  payable  under  the  agreement  if  it  is referred for collection to an
  attorney not a salaried employee of the premium finance  agency  holding
  the agreement.
3.  Notwithstanding  the provisions of this section, a premium finance
  agency shall  not  take  or  receive  from  or  charge  an  insured  any
  cancellation  charge  or  attorney's  fees unless, within ten days after
  default in the payment of any instalment of a premium finance agreement,
  the agency has mailed a notice of the default  to  the  insured  at  his
  address  as  shown on the agreement and to any insurance agent or broker
  named therein at his place of business as shown therein.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 570 - Restrictions on Premium Finance Agreements.

§ 570.  Restrictions  on  premium  finance  agreements.  1. No premium
finance agreement shall contain any provision by which:
(a) In the absence of default of  the  insured,  the  premium  finance
agency  holding  the  agreement  may, arbitrarily and without reasonable
cause, accelerate the maturity of any part or all of  the  amount  owing
thereunder;
(b) A power of attorney is given to confess judgment in this state; or
(c)  The insured relieves the insurance agent or broker or the premium
finance agency holding the agreement from liability for any legal rights
or remedies that the insured may otherwise have  against  the  insurance
agent or broker.
2.  No person may use a premium finance agreement in a manner designed
to evade any requirement of article seventy-eight of the insurance law.
3. Every person or premium finance agency that enters into  a  premium
finance  agreement,  as  such  terms  are  defined  pursuant  to article
twelve-B of this chapter, shall file in the office of the superintendent
of financial services, on or before the first day of March, a statement,
to be known as its annual statement, verified by the oath  of  at  least
two  of  its principal officers, showing its condition at the end of the
preceding calendar year. The statement shall be in such form  and  shall
contain  such  other matters as the superintendent of financial services
shall prescribe. In addition  to  any  other  requirements,  the  annual
statement shall specify the total number, aggregate face amount and life
settlement   proceeds   of,  policies  settled  during  the  immediately
preceding calendar year, together with a breakdown of the information by
policy issue year.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 571 - Delivery of Copy of Premium Finance Agreement.

§ 571.  Delivery  of copy of premium finance agreement. Before the due
  date of the first instalment payable under a premium finance  agreement,
  the  insurance agent or broker or the premium finance agency holding the
  agreement shall deliver to the insured, or mail to him at his address as
  shown in the agreement, a copy thereof or, if  the  agreement  contained
  any  blank  space when it was signed by the insured and such blank space
  was subsequently filled  in  in  accordance  with  subdivision  four  of
  section  five hundred sixty-seven, a copy of the agreement, as so filled
  in.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 572 - Notice of Assignment; Payments.

§ 572.  Notice  of assignment; payments. Unless the insured has notice
  of actual or intended assignment of a premium finance agreement, payment
  thereunder by him to the last known holder of  the  agreement  shall  be
  binding upon all subsequent holders or assignees.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 573 - Statement of Account; Receipts.

§ 573.  Statement  of  account;  receipts.  1.  At  any time after its
  execution,  but  not  later  than  one  year  after  the  last   payment
  thereunder, a premium finance agency holding a premium finance agreement
  shall,  upon  written  request  of  the  insured,  give or mail to him a
  written statement of the dates and amounts of  payments  and  the  total
  amount,  if  any,  unpaid thereunder. Such a statement shall be supplied
  once each year without charge; if any additional statement is  requested
  the  premium  finance agency shall supply such statement at a charge not
  exceeding one dollar for  each  additional  statement  so  supplied.  An
  insured shall be given a receipt for a payment when made in cash.
2.  After  the  payment  of all sums for which an insured is obligated
  under a premium finance agreement, and  upon  his  written  demand,  the
  premium  finance  agency holding the agreement shall deliver, or mail to
  the insured at his  last  known  address  such  one  or  more  good  and
  sufficient  instruments  as  may  be necessary to acknowledge payment in
  full and to  release  all  interests  in  or  rights  to  the  insurance
  contracts,  the  premiums  for  which are advanced or are to be advanced
  under the agreement.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 574 - Credit Upon Anticipation of Payments.

§ 574.  Credit  upon anticipation of payments.  1. Notwithstanding the
  provisions of any premium finance agreement to the contrary, any insured
  may pay it in full  at  any  time  before  the  maturity  of  the  final
  instalment  of  the balance thereof and, if he does so and the agreement
  included an amount for service charge, shall receive and be entitled  to
  receive for such anticipation a refund credit thereon.
2.  The  amount  of any such refund credit shall represent at least as
  great a proportion of the service charge, if any,  as  the  sum  of  the
  periodic  balances  after the month in which prepayment is made bears to
  the sum of all periodic balances under the schedule  of  instalments  in
  the  agreement.  Such  refund  shall  be  computed in the service charge
  exclusive of the additional charge.  Where  the  amount  of  the  refund
  credit  for  anticipation  of payment is less than one dollar, no refund
  need be made.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 575 - Refinancing.

§ 575.  Refinancing. A premium finance agency may, upon agreement with
  the insured, extend the  scheduled  due  date  or  defer  the  scheduled
  payment  of  all or of any part of any instalment or instalments payable
  thereunder.  The agreement for such extension or deferment  must  be  in
  writing  and  signed  by the parties thereto. The premium finance agency
  may charge and contract for the payment  of  an  extension  or  deferral
  charge  by the insured and collect and receive the same, but such charge
  may not exceed an amount equal  to  one  per  centum  per  month  simple
  interest  on  the  amount  of  the  instalment  or  instalments, or part
  thereof, extended or deferred for the period of extension  or  deferral.
  Such period shall not exceed the period from the date when such extended
  or  deferred instalment or instalments, or part thereof, would have been
  payable in the absence of such extension or deferral, to the  date  when
  such  instalment or instalments, or part thereof, are made payable under
  the agreement of extension or deferment; except that a minimum charge of
  one dollar for the period of extension or deferral may be  made  in  any
  case where the extension or deferral charge, when computed at such rate,
  amounts to less than one dollar.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 577 - Interpretation of Article.

§ 577.  Interpretation  of  article. This article does not affect: (1)
the inclusion of amounts for insurance in retail instalment contracts or
obligations in accordance with the motor vehicle retail instalment sales
act or the retail instalment sales act; (2) the inclusion of amounts for
insurance in retail  lease  agreements  in  accordance  with  the  motor
vehicle  retail  leasing act; or (3) the making of loans for the purpose
of financing insurance premiums:
(a) By any person at a rate of interest  not  greater  than  the  rate
prescribed  by  the  superintendent  of  financial  services pursuant to
section fourteen-a  of  this  chapter,  or,  if  no  rate  has  been  so
prescribed, six per centum per annum; or
(b)  By  a  lending  institution  in  accordance  with  the applicable
provisions of other laws authorizing and regulating the making of  loans
by the lending institution.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 577-A - Premium Finance Agreements.

§ 577-a.  Premium  finance  agreements.  1.  Any  amount advanced by a
premium finance agency, with  regard  to  any  insurance  policy  issued
pursuant  to  any  plan  established  under  article  fifty-three of the
insurance law shall be paid either by check or draft made payable to the
insurance company, or, if the company is not known, by  check  or  draft
made  payable to the entity which pursuant to the plan established under
article fifty-three of the insurance law designates which insurer  shall
insure or service the risk. The check or draft shall not be made payable
to the insurance agent or broker.
2.  Where  insurance coverage is procured through a wholesale producer
for insurance policies financed with a  premium  finance  agency,  other
than policies subject to subdivision one of this section:
(a) Prior to or contemporaneously with the advancement of any funds to
an  insurance  retail  producer  who  has  procured  an insurance policy
through a wholesale producer, the  retail  producer  shall  provide  the
premium  finance  agency  with  the  name  and  address of the wholesale
producer through whom coverage  was  procured  and,  if  available,  the
policy number of the insurance policy being financed, in writing;
(b) The premium finance agency shall notify, in writing, the wholesale
producer  and the insurance company of the gross premium, the borrower's
name and address, and, if available, the policy number, within ten  (10)
business days of acceptance of the agreement;
(c)  Failure  by  the  retail producer to comply with paragraph (a) of
this subdivision shall be a  violation  of  subsection  (d)  of  section
twenty-one  hundred twenty of the insurance law, and the retail producer
shall be liable for actual damages caused  by  his  or  her  failure  to
disclose;
(d)  For  the  purposes  of  this  subdivision,  a  "retail  insurance
producer" or "retail producer" means an insurance producer who  directly
deals  with  an  insured; a "wholesale insurance producer" or "wholesale
producer" means the producer  from  whom  or  through  whom  the  retail
producer has procured coverage on behalf of the insured.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 578 - Severability.

§ 578.   Severability.  If  any  provision  of  this  article  or  the
  application thereof to any person or circumstances is held invalid,  the
  invalidity  thereof shall not affect other provisions or applications of
  the article which can be given effect without the invalid  provision  or
  application,  and  to  this  end  the  provisions  of  this  article are
  severable.
2023 New York Laws › BNK - Banking › Article 12-C - Budget Planners › 579 - Doing Business Without License Prohibited.

§  579.  Doing  business without license prohibited. Only a charitable
  corporation as defined in paragraph  (a)  of  section  one  hundred  two
  (Definitions) of the not-for-profit corporation law of this state, or an
  entity incorporated in another state and having a similar not-for-profit
  status,  shall  engage  in the business of budget planning as defined in
  subdivision one of  section  four  hundred  fifty-five  of  the  general
  business  law  of  this  state  except as authorized by this article and
  without first obtaining a license from the superintendent.
2023 New York Laws › BNK - Banking › Article 12-C - Budget Planners › 581 - Conditions for Issuance of a License; Procedure Where Application Denied.

§   581.  Conditions  for  issuance  of  a  license;  procedure  where
  application denied. 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
  officers  and directors thereof 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 purposes of this article,
  he or she shall thereupon issue a license  in  duplicate  to  engage  in
  budget  planning  in accordance with the provisions of this article. The
  superintendent shall transmit one copy of such license to the  applicant
  and  file another in the office of the department of financial services.
  Such license  shall  remain  in  full  force  and  effect  until  it  is
  surrendered  by  the  licensee  or  revoked  or suspended as hereinafter
  provided; if the superintendent shall not so find he or  she  shall  not
  issue  such  license  and  he  or  she shall notify the applicant of the
  denial. The superintendent shall approve or deny every  application  for
  license hereunder within ninety days from the filing thereof.
2.  The  superintendent  shall not issue a license unless an applicant
  agrees to provide, either directly or indirectly, budgeting, educational
  and/or counseling services, acceptable to  the  superintendent,  to  the
  debtors  with  whom  such  licensee  has  a contract to engage in budget
  planning, as defined by section four hundred fifty-five of  the  general
  business  law. Failure of a licensee to provide, directly or indirectly,
  such budgeting, educational and/or counseling services acceptable to the
  superintendent shall be a basis for suspension  and  revocation  of  the
  license.
2023 New York Laws › BNK - Banking › Article 12-C - Budget Planners › 582 - License Provisions.

§  582.  License  provisions.  Each  license issued under this article
  shall state the address or addresses at which  the  business  is  to  be
  conducted  and  shall state fully the name of the licensee, and the date
  and place of  its  incorporation.  A  copy  of  such  license  shall  be
  prominently  posted  in  each  place  of  business of the licensee. Such
  license shall not be  transferable  or  assignable.  In  the  event  the
  location  at which the business is to be conducted shall be changed, the
  licensee shall forthwith notify the superintendent who  shall  thereupon
  without  charge attach to the license a rider setting forth such changed
  location. Each  licensee,  within  ninety  days  of  the  close  of  the
  licensee's  fiscal year, shall submit an independently audited financial
  statement to the superintendent.
2023 New York Laws › BNK - Banking › Article 12-C - Budget Planners › 583 - Changes in Officers or Directors of Licensee.

§ 583. Changes in officers or directors of licensee. In the event that
  there  shall  be  any  change  among  the  officers  or directors of any
  licensee, the licensee shall promptly notify the superintendent  of  the
  name,  address,  and  occupation  of  each  new  officer or director and
  provide such other information as the superintendent may require.
2023 New York Laws › BNK - Banking › Article 12-C - Budget Planners › 584 - Grounds for Suspension or Revocation of License; Procedure.

§ 584.  Grounds for suspension or revocation of license; procedure. 1.
The superintendent may revoke any license issued hereunder if  he  shall
find that:
(a)  The  licensee  has violated any provisions of this article, or of
any rule or regulation made by the superintendent under and  within  the
authority of this article;
(b)  Any fact or condition exists which, if it had existed at the time
of the original application for such license, would have  warranted  the
superintendent in refusing originally to issue such license; or
(c)  The conviction of a licensee for a crime against the laws of this
state or any other  state  or  of  the  United  States  involving  moral
turpitude  or  fraudulent  or dishonest actions, or the entry of a final
judgement in a court of competent jurisdiction against the licensee in a
civil action arising from fraud, misrepresentation, or deceit.
2. The superintendent may, on good cause shown,  suspend  any  license
for a period not exceeding thirty days, pending investigation.
3.  No license shall be revoked or suspended except after notice and a
hearing thereon.
4. Any licensee  may  surrender  any  license  by  delivering  to  the
superintendent  written  notice that it thereby surrenders such license,
but such surrender shall not affect such licensee's  civil  or  criminal
liability for acts committed prior to such surrender.
5.  No revocation, suspension or surrender of any license shall impair
or affect the obligation of any pre-existing lawful contract between the
licensee and any person.
6. Every license issued hereunder shall remain  in  force  and  effect
until  the  same  shall  have  been surrendered, revoked or suspended in
accordance with the provisions of this article, but  the  superintendent
shall  have authority to reinstate a suspended license or to issue a new
license to a licensee whose license shall have been revoked if  no  fact
or  condition  then exists which would have warranted the superintendent
in refusing originally to issue such license under this article.
7. Whenever the superintendent  shall  revoke  or  suspend  a  license
issued pursuant to this article, he shall forthwith execute in duplicate
a  written  order to that effect. The superintendent shall file one copy
of such order in the office of the department of financial services  and
shall  forthwith  serve the other copy upon the licensee. Any such order
may be reviewed in the manner provided by article seventy-eight  of  the
civil  practice law and rules. Such application for review as authorized
by this section must be made within thirty days from the  date  of  such
order of suspension or revocation.
2023 New York Laws › BNK - Banking › Article 12-C - Budget Planners › 584-A - Contracts With Debtors; Fees.

§  584-a.  Contracts with debtors; fees. Each licensee shall submit to
  the department any form of written contract it intends  to  use  between
  itself  and  such  debtor.  Such  form  contract shall, at minimum, make
  provision for the following information:
1. a complete  list  of  the  debtor's  obligations  to  be  adjusted,
  including the name of each creditor;
2.  the  total  fees  agreed  to  for  such  services,  including  any
  adjustments for estimated available  rebates  from  creditors,  provided
  that  nothing  in  this  subdivision  shall  require a licensee to share
  rebates with its clients;
3. the commencement and termination date of the contract;
4. a pro forma statement of the total fees to  be  charged,  including
  expected  available rebates from creditors, expressed as a percentage of
  the total obligations, principal and interest to be adjusted under  such
  contract;
5.  settlement  terms  in  case  of  cancellation  of  the contract or
  prepayment of the obligations;
6. a notice to the debtor that the  debtor  may  cancel  the  contract
  until  midnight  of  the  third  business day after the day on which the
  debtor has signed the contract; and
7. the terms under which the payments may be made by the debtor.  Upon
  execution, a copy of such contract shall be immediately furnished to the
  debtor.  Such contract may subsequently be amended to include additional
  creditors and debtors obligations.
2023 New York Laws › BNK - Banking › Article 12-C - Budget Planners › 585 - Superintendent Authorized to Examine.

§  585.  Superintendent  authorized  to  examine.  For  the purpose of
  discovering violations of this article or securing information  lawfully
  required  by  him  or her hereunder, the superintendent may at any time,
  and as often as he or she may  determine,  either  personally  or  by  a
  person  duly  designated  by  him  or  her, investigate the business and
  examine the books, accounts, records, and files used  therein  of  every
  licensee  hereunder.  For that purpose the superintendent and his or her
  duly designated representative shall have free access to the offices and
  place of business, books, accounts, papers, records,  files,  safes  and
  vaults  of  all  such  licensees. The superintendent and any person duly
  designated by him or her shall have authority to require the  attendance
  of  and  to examine under oath all persons whose testimony he or she may
  require relative to such business. The expenses incurred in  making  any
  examination  pursuant to this section shall be assessed against and paid
  by the licensee so  examined,  except  that  traveling  and  subsistence
  expenses  so  incurred shall be charged against and paid by licensees in
  such proportions as the superintendent shall deem just  and  reasonable,
  and  such  proportionate charges shall be added to the assessment of the
  other expenses incurred upon each examination. Upon  written  notice  by
  the  superintendent of the total amount of such assessment, the licensee
  shall  become  liable  for  and  shall  pay  such  assessment   to   the
  superintendent. If, upon review, the superintendent shall determine that
  the  fees or service charges set by the licensee are unreasonable, he or
  she shall direct the licensee to  make  adjustments  in  said  fees  and
  service  charges in accordance with his or her findings, which shall set
  forth a detailed factual basis and reasoning supporting such finding.
2023 New York Laws › BNK - Banking › Article 12-C - Budget Planners › 586 - Licensee's Books and Records; Reports.

§ 586.  Licensee's  books  and records; reports. 1. The licensee shall
  keep and use in its business such books, accounts, and records  as  will
  enable   the  superintendent  to  determine  whether  such  licensee  is
  complying with the provisions of this article and  with  the  rules  and
  regulations   lawfully  made  by  the  superintendent  hereunder.  Every
  licensee shall preserve such books, accounts, and records, for at  least
  three  years;  provided,  however,  that  preservation  by  photographic
  reproduction thereof or records in photographic  form  shall  constitute
  compliance with the requirements of this section.
2.  Each  licensee  shall  annually,  on  or  before  the first day of
  February, file a report with the superintendent giving such  information
  as the superintendent may require concerning the business and operations
  during  the  preceding calendar year of such licensee under authority of
  this article. Such report shall be subscribed and affirmed  as  true  by
  the  licensee  under  the  penalties of perjury and shall be in the form
  prescribed by the superintendent. In addition  to  annual  reports,  the
  superintendent  may  require,  under  oath and in the form prescribed by
  him, such additional regular or special reports as he may deem necessary
  to  the  proper  supervision  of  licensees  under  this  article.  Such
  additional reports shall be in the form prescribed by the superintendent
  and  shall  be  subscribed  and  affirmed as true under the penalties of
  perjury.
2023 New York Laws › BNK - Banking › Article 12-C - Budget Planners › 587 - Authority of Superintendent.

§ 587.  Authority  of  superintendent.  The  superintendent  is hereby
  authorized  and  empowered  to  make,  in  addition   hereto   and   not
  inconsistent  herewith,  such  general  rules  and regulations, and such
  specific rulings, demands, and findings as he may deem necessary for the
  proper conduct of the business authorized and licensed hereunder and for
  the enforcement of this article.
2023 New York Laws › BNK - Banking › Article 12-D - Licensed Mortgage Bankers › 589 - Declaration of Policy.

§ 589.  Declaration  of policy. The origination, funding and servicing
  of residential mortgage loans and the  types  of  entities  involved  in
  residential mortgage lending has undergone significant changes in recent
  years,  due in part to developments in the general economy, specifically
  interest rate volatility, the sophistication of the  national  secondary
  market for mortgage loans and the market for mortgage-backed securities.
  The  recent trend toward deregulation in the financial services industry
  has  accelerated  the  evolution  of   residential   mortgage   lending,
  dramatically  increasing  the  types  of  mortgage loans offered and the
  manner  in  which  they  are  advertised  and  marketed  to   consumers.
  Depository  institutions,  traditionally the major source of residential
  mortgage  financing  for  individuals,  now  compete  for  capital   and
  customers   with   mortgage   bankers   and   other   financial  service
  organizations.  Residential  mortgage  lenders  of   every   type   have
  increasingly  relied  on  non-financial intermediaries, such as mortgage
  brokers, to make loans available to consumers. These  developments  have
  raised  questions  as  to  whether all entities engaging in this banking
  function operate under appropriate regulatory scrutiny and as to whether
  all residential mortgage lenders are conducting their  business  in  the
  best interests of New York homeowners and potential homeowners.
The  activities  of  lenders  and  their agents offering financing for
  residential real property have a direct and immediate  impact  upon  the
  housing  industry,  the neighborhoods and communities of this state, its
  homeowners and potential homeowners. The legislature finds  that  it  is
  essential  for  the  protection  of  the  citizens of this state and the
  stability of the state's economy that reasonable standards governing the
  business practices of mortgage lenders and their agents be imposed.  The
  legislature  further  finds  that  the  obligations of lenders and their
  agents to consumers in connection with making,  soliciting,  processing,
  placing  or  negotiating  of  mortgage  loans are such as to warrant the
  uniform  regulation  of  the  residential  mortgage   lending   process,
  including   the  application,  solicitation,  making  and  servicing  of
  mortgage loans.   Consistent with the  purposes  of  promoting  mortgage
  lending  for  the  benefit  of  our citizens by responsible providers of
  mortgage loans and services and avoiding requirements inconsistent  with
  legitimate  and  responsible  business practices in the mortgage lending
  industry, the purpose of this article is to protect New  York  consumers
  seeking  a  residential  mortgage  loan  and to ensure that the mortgage
  lending industry is operating fairly,  honestly  and  efficiently,  free
  from deceptive and anti-competitive practices.
2023 New York Laws › BNK - Banking › Article 12-D - Licensed Mortgage Bankers › 593 - License Provisions.

§ 593.  License  provisions.  Each  license  issued under this article
  shall state the address or addresses at which  the  business  is  to  be
  conducted  and  shall state fully the name of the licensee, and the date
  and place of its incorporation if applicable. A  copy  of  such  license
  shall  be  prominently posted in each place of business of the licensee.
  Such license shall not be transferable or assignable. In the  event  the
  location  at which the business is to be conducted shall be changed, the
  licensee shall forthwith notify the superintendent who  shall  thereupon
  without  charge  attach  to the license an amendment certificate setting
  forth such changed location.
2023 New York Laws › BNK - Banking › Article 12-D - Licensed Mortgage Bankers › 593-A - Registration Provisions.

§ 593-a.  Registration  provisions.  1.  Each  certificate issued to a
  registered mortgage broker under this article shall state the address or
  addresses at which the business is to be conducted and shall state fully
  the name of the registrant, and the date and place of its  incorporation
  if applicable. A copy of such certificate shall be prominently posted in
  each  place of business of the registrant. Such certificate shall not be
  transferable or assignable. In the  event  the  location  at  which  the
  business  is  to  be  conducted  shall  be changed, the registrant shall
  forthwith notify the superintendent who shall thereupon  without  charge
  attach  to  the  certificate an amendment certificate setting forth such
  changed location.
2. In addition to the display of  such  certificate,  each  registered
  mortgage  broker  shall  prominently  display  a  notice  printed in the
  English language, each letter to be  at  least  two  inches  in  height,
  indicating  that  the  mortgage broker is not empowered to make mortgage
  loans, and such other notices  as  required  by  the  superintendent  of
  financial services.
2023 New York Laws › BNK - Banking › Article 12-D - Licensed Mortgage Bankers › 594 - Changes in Officers and Directors.

§ 594.  Changes  in  officers and directors. Upon any change of any of
  the executive  officers,  partners  or  directors  of  any  licensee  or
  registrant,   the   licensee   or   registrant   shall   submit  to  the
  superintendent the name, address, and occupation of  each  new  officer,
  partner   or  director,  and  provide  such  other  information  as  the
  superintendent may require.
2023 New York Laws › BNK - Banking › Article 12-D - Licensed Mortgage Bankers › 595-B - Regulation of Mortgage Loan Servicers.

§  595-b.  Regulation  of mortgage loan servicers. 1. Establishment of
  grounds to impose a fine or penalty. In addition to  such  other  rules,
  regulations  and  policies  as  the  superintendent  may  promulgate  to
  effectuate the  purposes  of  this  article,  the  superintendent  shall
  promulgate  regulations  and  policies  governing  the  establishment of
  grounds to impose a fine or penalty with respect to the activities of  a
  mortgage loan servicer.
2.  Servicing  practices. In addition to such other rules, regulations
  and policies as the superintendent  may  promulgate  to  effectuate  the
  purposes  of  this article, the superintendent may prescribe regulations
  which relate to: (a) providing for disclosures to borrowers of the basis
  for any interest rate resets; (b)  requirements  for  the  provision  of
  pay-off  statements;  and  (c)  governing the timing of the crediting of
  payments made by the borrower.
2023 New York Laws › BNK - Banking › Article 12-D - Licensed Mortgage Bankers › 596 - Superintendent Authorized to Examine; Expenses.

§ 596. Superintendent authorized to examine; expenses. For the purpose
  of  discovering  violations  of  this  article  or  securing information
  lawfully required by him hereunder, the superintendent may at any  time,
  and  as  often  as  he  or  she may determine, either personally or by a
  person duly designated by him, investigate the business and examine  the
  books,  accounts,  records,  and  files  used therein of every licensee,
  servicer and registrant. For that purpose the superintendent and his  or
  her duly designated representative shall have free access to the offices
  and  places  of business, books, accounts, papers, records, files, safes
  and vaults  of  all  such  licensees,  servicers  and  registrants.  The
  superintendent  and  any person duly designated by him or her shall have
  authority to require the attendance of and to  examine  under  oath  all
  persons whose testimony he or she may require relative to such business.
  The expenses incurred in making any examination pursuant to this section
  shall  be  assessed  against  and  paid  by  the  licensee,  servicer or
  registrant so examined, except that traveling and  subsistence  expenses
  so incurred shall be charged against and paid by licensees, servicers or
  registrants  in  such  proportions as the superintendent shall deem just
  and reasonable, and such proportionate charges shall  be  added  to  the
  assessment  of  the  other expenses incurred upon each examination. Upon
  written notice by  the  superintendent  of  the  total  amount  of  such
  assessment, the licensee, servicer or registrant shall become liable for
  and shall pay such assessment to the superintendent.
In  any  hearing  in which the bank examiner acting under authority of
  this chapter is available for cross-examination,  any  official  written
  report, worksheet, other related papers, or duly certified copy thereof,
  compiled,  prepared,  drafted,  or otherwise made by said bank examiner,
  after being duly authenticated by said  examiner,  may  be  admitted  as
  competent  evidence  upon the oath of said examiner that said worksheet,
  investigative report, or other related  documents  were  prepared  as  a
  result  of  an  examination  of  the  books  and  records of a licensee,
  servicer or registrant  or  other  person,  conducted  pursuant  to  the
  authority of this chapter.
2023 New York Laws › BNK - Banking › Article 12-D - Licensed Mortgage Bankers › 597 - Books and Records; Reports and Electronic Filing.

§ 597.   Books  and  records;  reports  and  electronic  filing.  Each
  licensee, servicer, registrant and exempt organization  shall  keep  and
  use  in its business such books, accounts and records as will enable the
  superintendent to determine whether such licensee, servicer,  registrant
  or  exempt organization is complying with the provisions of this article
  and with the rules and regulations lawfully made by  the  superintendent
  and  the superintendent of financial services. Every licensee, servicer,
  registrant and exempt organization shall preserve such books,  accounts,
  and   records,  for  at  least  three  years;  provided,  however,  that
  preservation  by  photographic  reproduction  thereof  or   records   in
  photographic  form, including an optical disk storage system and the use
  of electronic data processing equipment that provides comparable records
  to those otherwise required and which are available for examination upon
  request shall  constitute  compliance  with  the  requirements  of  this
  section.
Each licensee and registrant shall annually, on or before a date to be
  determined  by the superintendent, file a report with the superintendent
  giving such information as the superintendent may require concerning the
  business and operations during  the  preceding  calendar  year  of  such
  licensee  or  registrant  under  authority  of this article. Such report
  shall be subscribed and affirmed as true by the licensee  or  registrant
  under  the  penalties  of perjury and shall be in the form prescribed by
  the superintendent. In addition to annual  reports,  the  superintendent
  may  require such additional regular or special reports as he or she may
  deem necessary to the proper supervision of  licensees  and  registrants
  under  this  article.  Such  additional  reports  shall  be  in the form
  prescribed by the superintendent and shall be subscribed and affirmed as
  true under the penalties of perjury.
Notwithstanding article three of the state technology law or any other
  law to the contrary, the superintendent may require that any application
  for, or renewal of, any license or registration or any other  submission
  or approval as may be required by the superintendent be made or executed
  by  electronic  means  if  he  or  she  deems it necessary to ensure the
  efficient administration of this article.
The superintendent may require servicers to  file  annual  reports  or
  other  regular  or  special  reports,  including reports with respect to
  mortgage delinquencies and foreclosures. Such reports shall  be  in  the
  form  prescribed  by  the  superintendent  and  shall  be subscribed and
  affirmed as true under the penalties of perjury.
2023 New York Laws › BNK - Banking › Article 12-D - Licensed Mortgage Bankers › 599 - Separability of Provisions.

§ 599.  Separability  of provisions. If any provision of this article,
  or the application of such  provision  to  any  person,  co-partnership,
  association,  corporation  or  circumstance,  shall be held invalid, the
  remainder of the article, and  the  application  of  such  provision  to
  persons,  co-partnerships,  associations,  corporations or circumstances
  other than those as to which it is held invalid, shall not  be  affected
  thereby.
2023 New York Laws › BNK - Banking › Article 12-E - Licensed Mortgage Loan Originators › 599-A - Legislative Purpose.

§  599-a.  Legislative purpose. The legislature deems it necessary, in
  order to enhance consumer protection, reduce fraud and ensure the public
  welfare, that mortgage loan originators who originate mortgage loans  on
  residential real property be subject to regulation by the superintendent
  and  that  such regulation be consistent with Title V of The Housing and
  Economic Recovery Act of 2008,  also  known  as  the  S.A.F.E.  Mortgage
  Licensing  Act,  as it may be amended from time to time, and regulations
  thereunder or interpretations thereof, that may be adopted from time  to
  time  by  the  Secretary  of  the  U.S.  Department of Housing and Urban
  Development.
2023 New York Laws › BNK - Banking › Article 12-E - Licensed Mortgage Loan Originators › 599-F - Pre-Licensing Educational Requirements.

§   599-f.   Pre-licensing   educational   requirements.   1.  Minimum
educational requirements. In order to meet the  pre-licensing  education
requirement  referred  to  in  this  article, a person shall complete at
least twenty hours of education approved in accordance with  subdivision
two  of this section, which shall include at least the following minimum
requirements:
(a) Three hours of federal law and regulations;
(b) Three hours of ethics, which shall include instruction  on  fraud,
consumer protection, and fair lending issues;
(c)  Two  hours  of  training  related  to  lending  standards for the
nontraditional mortgage product marketplace; and
(d) Three hours of training on  applicable  New  York  State  law  and
regulations as may be approved by the superintendent.
2. Approved education courses. For purposes of subdivision one of this
section,   pre-licensing   education  courses  shall  be  such  courses,
including the course provider thereof, as shall have been reviewed,  and
approved,  by  the  NMLSR  based  upon  reasonable standards. An hour of
education for purposes of this article shall be as defined by the NMLSR.
3. Employer and affiliate education courses. Nothing in  this  section
shall  preclude  any  pre-licensing education course, as approved by the
NMLSR, that is provided by the employer of the applicant  or  an  entity
that  is  affiliated  with  the  applicant by an agency contract, or any
subsidiary or affiliate of such employer or entity.
4. Venue of education. Pre-licensing education may be  offered  either
in a classroom, online or by any other means approved by the NMLSR.
5.  Reciprocity  of education courses. Pre-licensing education courses
approved by the NMLSR  pursuant  to  paragraphs  (a),  (b)  and  (c)  of
subdivision  one  of  this  section  for  any state shall be accepted as
credit towards completion of  pre-licensing  education  requirements  in
this state.
6. Re-licensing educational requirements. An individual licensed under
this  article  subsequent  to its effective date applying to be licensed
again must prove that  he  or  she  has  completed  all  the  continuing
education requirements for the year in which the license was last held.
2023 New York Laws › BNK - Banking › Article 12-E - Licensed Mortgage Loan Originators › 599-G - Testing of Mortgage Loan Originators.

§   599-g.   Testing   of   mortgage   loan  originators.  1.  General
requirements.  In order to meet the written test requirement referred to
in this article, an  individual  shall  pass,  in  accordance  with  the
standards  established  under  this  section,  a  qualified written test
developed by the NMLSR and administered by a test provider  approved  by
the NMLSR based upon reasonable standards.
2.  Qualified test. A written test shall not be treated as a qualified
written test for purposes of subdivision one of this section unless  the
test  adequately measures the applicant's knowledge and comprehension in
appropriate subject areas, including the following:
(a) Ethics;
(b) Federal law and regulation pertaining to mortgage origination;
(c) State law and regulation pertaining to mortgage origination; and
(d) Federal and state law and  regulation,  including  instruction  on
fraud, consumer protection, the nontraditional mortgage marketplace, and
fair lending issues.
3.  Testing  location.  Nothing  in this section shall prohibit a test
provider approved by the NMLSR from providing a test at the location  of
the  employer  of  the  applicant  or  the location of any subsidiary or
affiliate of such entity, or the location of any entity with  which  the
applicant  holds  an  exclusive arrangement to conduct the business of a
mortgage loan originator.
4. Minimum competency. The following conditions apply  to  individuals
taking such competency tests:
(a)  An  individual shall not be considered to have passed a qualified
written test unless the individual shall have achieved a test  score  of
not less than seventy-five percent correct answers to questions;
(b) An individual may retake a test three consecutive times, with each
consecutive  taking  occurring  at least thirty days after the preceding
test;
(c) After failing three consecutive tests, an individual shall wait at
least six months before taking the test again; and
(d) A licensed mortgage loan originator who fails to maintain a  valid
license  for  a  period of five years or longer, not taking into account
any time during which such individual  is  a  registered  mortgage  loan
originator, shall retake the test.