2023 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.