2023 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.