reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 409 - STUDENT LOAN SERVICERS › Section 409.15 - Notifications

Current through Register Vol. 46, No. 28, July 10, 2024
Any student loan servicer not required to obtain a license
					 under section 409.3  of this part that is required by section 711  of the banking
					 law to notify the superintendent that it is servicing student loans shall make
					 such notification by completing the form published on the department's website
					 for such purpose.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 409 - STUDENT LOAN SERVICERS › Section 409.16 - Severability

Current through Register Vol. 46, No. 28, July 10, 2024
To the extent any portion of this part is found by a court
					 of competent jurisdiction to be preempted by federal law, it is intended that
					 such portion be reformed to narrow its applicability, to the minimum extent
					 necessary, and that it shall continue to apply to any student loan servicer to
					 whom its application is not preempted.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.2 - Application procedure; licenses

Current through Register Vol. 46, No. 28, July 10, 2024
Application for a license to engage in the business of
					 mortgage banking shall be made in such form as may be prescribed by the
					 superintendent and may be obtained by written request addressed to the Banking
					 Department, Attn: Mortgage Banking Division, at the address set forth in
					 section
					 1.1  of
					 Supervisory Policy G 1 of this Title.
(a) Fee. A completed application must be
				  accompanied by payment of the fee specified in section
				  1.2  of
				  Supervisory Policy G 1 of this Title.
(b) Application form. The application for
				  licensure as a mortgage banker shall be in writing, subscribed by the applicant
				  under penalty of perjury, and shall contain the information and documents
				  referred to in Supervisory Procedure MB 101 of this Title as well as any other
				  information and documents deemed reasonable and necessary by the
				  superintendent.
(c) Fingerprints.
				  The applicant shall provide a set of fingerprints in such form as shall be
				  accepted for processing by the New York State Criminal Justice
				  System.
(d) Background information.
				  The applicant shall provide a report from a qualified investigatory firm
				  detailing the personal and financial background of the applicant, or such
				  officers or partners of the applicant as the superintendent may
				  require.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.4 - Application for registration

Current through Register Vol. 46, No. 28, July 10, 2024
Applications for registration shall be made in such form as
					 may be prescribed by the superintendent and may be obtained by written request
					 to the Banking Department, at the address set forth in section
					 1.1  of
					 Supervisory Policy G 1 of this Title.
(a) Fee. A completed application must be
				  accompanied by payment of the fee specified in section
				  1.2  of
				  Supervisory Policy G 1 of this Title.
(b) Application form. The application for
				  registration as a mortgage broker shall be in writing, subscribed by the
				  applicant under penalty of perjury, and shall include the information and
				  documents referred to in Supervisory Procedure MB 102 of this Title as well as
				  any other information and documents as the superintendent may
				  require.
(c) Fingerprints. The
				  applicant shall provide a set of fingerprints in such form as shall be accepted
				  for processing by the New York State Criminal Justice System.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.5 - Branch application; investigation fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A mortgage broker or mortgage banker may
				  apply to open and maintain one or more branches. A branch may be applied for by
				  application containing the information and documents set forth in a form which
				  may be obtained from the Banking Department, at the address set forth in
				  section
				  1.1  of
				  Supervisory Policy G 1 of this Title. If an application is requested in
				  writing, the address should indicate the following: Attn: Mortgage Banking
				  Division.
(1) An application for a branch
				  filed by a mortgage banker shall be accompanied by payment of the fee specified
				  in section
				  1.2  of
				  Supervisory Policy G 1 of this Title.
(2) An application for a branch filed by a
				  mortgage broker shall be accompanied by payment of the fee specified in section
				  1.2  of
				  Supervisory Policy G 1 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.6 - Changes in officers, directors, or control of mortgage banker or mortgage broker

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Change in control. For purposes of this Part, a change in control shall be
				  construed in accordance with section 594-b  of the Banking Law.
(1) Minimum standards for control of a
				  mortgage banker or a mortgage broker shall be in accordance with sections
				  410.1
				  and
				  410.3 
				  of this Part, as applicable.
(2)
				  Applications for change of control of a mortgage banker or mortgage broker
				  shall be in writing, subscribed by the applicant under penalty of perjury, and
				  shall contain the information and documents referred to in Supervisory
				  Procedure MB 103 or MB 104 of this Title, as applicable, as well as any other
				  information and documents as the superintendent may require.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.9 - Deposit of assets

Current through Register Vol. 46, No. 28, July 10, 2024
Pursuant to Banking Law, section
					 591(4), a mortgage banker
					 may, in lieu of filing a corporate surety bond pursuant to section 410.9  of
					 this Part, elect to deposit assets with a value of $50,000 to $500,000, in
					 accordance with the requirements of section 410.9  of this Part, valued at the
					 lower of principal amount or market value in a New York State chartered
					 commercial bank, trust company, savings bank, savings and loan association or a
					 national bank, Federal savings bank or Federal savings and loan association in
					 the State of New York. Pursuant to Banking Law, section
					 591-a, a mortgage broker may, in lieu of
					 filing a corporate surety bond pursuant to section
					 410.15 
					 of this Part, elect to deposit assets with a value of $10,000 to $100,000, in
					 accordance with the requirements of section
					 410.15 
					 of this Part, valued at the lower of principal amount or market value in a New
					 York State chartered commercial bank, trust company, savings bank, savings and
					 loan association or a national bank, Federal savings bank or Federal savings
					 and loan association in the State of New York. No such deposit shall be made
					 until the deposit agreement referred to in section
					 410.11 
					 of this Part has been approved by the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.10 - Deposit agreement; certificate of licensee or registrant

Current through Register Vol. 46, No. 28, July 10, 2024
Any mortgage banker or mortgage broker, which elects to
					 deposit assets pursuant to section 410.10  of this Part, shall execute with the
					 depository a deposit agreement on a form obtained from the Mortgage Banking
					 Division of the Banking Department or such other form as is satisfactory to the
					 superintendent. An executed copy of such deposit agreement shall be filed with
					 the superintendent. As part of this deposit agreement, the mortgage banker or
					 mortgage broker shall agree that prior to the release or substitution of any
					 assets subject to the deposit agreement, the mortgage banker or mortgage broker
					 shall file a certificate with the depository which shall specify the
					 following:
(a) the complete title of
				  each security being withdrawn;
(b)
				  the complete title of each security being deposited in place thereof;
(c) the interest rate, series, serial number
				  (if any), face value maturity date, call date, principal amount and market
				  value of each replacement security;
(d) the aggregate principal amount of all
				  such replacement securities;
(e)
				  the amount, if any, of the funds being withdrawn or deposited; and
(f) certify that any securities being
				  deposited in exchange for securities being withdrawn comply as to type with the
				  provisions of subdivision 4 of section 591  of the Banking Law, and that, after
				  giving effect to the exchange, the aggregate amount of all securities and funds
				  remaining on deposit by the licensed mortgage banker or registered mortgage
				  broker, based in the case of such securities upon the principal amount or
				  market value, whichever is lower, is at least equal to the amount required in
				  section
				  410.9  of this
				  Part for mortgage bankers, or section
				  410.15 
				  of this Part for mortgage brokers.
In addition, as part of this deposit agreement, the
					 licensee shall agree that the superintendent may revoke the authority of the
					 depository to pay dividends or interest on the securities, funds or other
					 assets deposited pursuant to this deposit agreement.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.11 - Assets that may be deposited

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the assets described in sections 591 (4) and
					 591-a (3)  of the Banking
					 Law, the following assets are eligible for deposit for purposes of section
					 410.10 
					 of this Part:
(a) commercial paper
				  payable in dollars in the United States provided such paper is accorded the
				  highest rating of a rating service designated by the Banking Board pursuant to
				  section
				  61.1  of this
				  Title. In the event that an issue of commercial paper is rated by more than one
				  designated rating service, it must have the highest rating of each;
(b) negotiable certificates of deposit that
				  are payable in the United States and issued by an unaffiliated domestic banking
				  institution or a domestic office of an unaffiliated foreign banking
				  corporation;
(c) banker's
				  acceptances that are payable in the United States and issued by an unaffiliated
				  domestic banking institution or a domestic office of an unaffiliated foreign
				  banking corporation; and
(d) such
				  other assets as approved by the superintendent upon written application. In
				  determining whether to approve such other assets, the superintendent shall
				  ascertain the following as applicable:
(1) if
				  securities, whether the securities have an independently verifiable market
				  value of at least 110 percent of the required amount of the deposit and are
				  traded on a recognized exchange;
(2) if bonds, whether the bonds have an
				  investment grade rating from either Moody's Investors Services, Inc., Standard
				  & Poor's Corporation or Fitch Investors' Service, Inc.
If the superintendent determines than an asset which
					 otherwise qualifies under subdivisions (a) through (c) of this section shall be
					 valued for purposes of this Part at less than the amount otherwise required by
					 this Part, the superintendent shall so notify the licensee which shall
					 thereafter value such asset for purposes of this Part as directed by the
					 superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.12 - Retention of receipts or statements

Current through Register Vol. 46, No. 28, July 10, 2024
Each mortgage banker and mortgage broker shall retain until
					 completion of its next examination the originals of any and all receipts and/or
					 statements obtained from a depository pursuant to the deposit agreement
					 referred to in section
					 410.11 
					 of this Part as well as copies of any and all withdrawal requests and the
					 certificate given to a depository pursuant to the deposit agreement referred to
					 in section
					 410.11 
					 of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.13 - Miscellaneous provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Reliance on written communication of department. For the purposes of the
				  deposit agreement, the mortgage banker, mortgage broker and the depository
				  shall accept and may rely upon, as an order of the superintendent, any written
				  communication with the seal of the department affixed thereto, and signed:
(1) by the superintendent;
(2) by a deputy superintendent of banks;
				  or
(3) by any two employees jointly
				  of the department whom the superintendent may specifically designate in
				  writing, to the depository, the mortgage banker or mortgage broker (whichever
				  is the addressee of such communication).
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.15 - Release of corporate surety bond or deposit of assets

Current through Register Vol. 46, No. 28, July 10, 2024
If a claim is not made against the surety bond or deposit
					 of assets held pursuant to sections 591 (4) and
					 591-a (3)  of the Banking
					 Law within six months of the insolvency, liquidation, bankruptcy of the
					 mortgage banker or broker, or the expiration, surrender or revocation of the
					 mortgage banker's license or mortgage broker's registration, or where the
					 superintendent takes possession of the mortgage banker or broker, the
					 superintendent shall release any corporate surety bond or deposit of assets.
					 Provided that the proceeds of the bond or deposit of assets shall have been
					 first applied to:
(a) all consumer
				  fees determined by the superintendent to be improperly charged or collected by
				  said mortgage banker or mortgage broker; and
(b) all Banking Department examination costs
				  and assessments outstanding against said mortgage banker or mortgage broker.
				  Nothing contained herein shall prevent the superintendent from continuing to
				  retain possession of the bond or its proceeds or the deposit of assets in the
				  event of ongoing litigation involving the mortgage banker or mortgage
				  broker.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.16 - Application by a mortgage broker for inactive status

Current through Register Vol. 46, No. 28, July 10, 2024
Any mortgage broker which decides not to engage in the
					 business of soliciting, processing, placing or negotiating mortgage loans for
					 others, but wishes to maintain its registration as a mortgage broker may file
					 an application to be placed on inactive status, subject to approval by the
					 superintendent. Such approval shall be granted in the sole discretion of the
					 superintendent. The application shall be in writing, subscribed by the
					 applicant under penalty of perjury, and shall contain the information and
					 documents referred to in Supervisory Procedure MB 105 of this Title as well as
					 any other information and documents as the superintendent may
					 require.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.17 - Consultants, employees and independent contractors of licensed mortgage bankers and registered mortgage brokers

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The term consultant shall mean an
				  individual or entity involved in advising or directing management, performing
				  management functions, or providing services to management of a licensed
				  mortgage banker or registered mortgage broker on matters relating to the
				  operation of the company, or an individual or entity that receives
				  compensation, either directly or indirectly, from the licensed or registered
				  entity, for advising potential applicants or borrowers with regard to the
				  making of a mortgage loan. An individual or entity may be deemed a consultant
				  regardless of whether that person or entity is receiving compensation.
				  Consultant shall not include:
(1) an
				  individual who is a W-2 employee of a licensee or registrant; or
(2) an individual with a professional license
				  issued by this State or another state including, but not limited to, attorneys,
				  accountants, real estate agents and appraisers, provided that the services
				  provided by such individual to the licensee or registrant are the services for
				  which such individual has a professional license; or
(3) an individual who is employed by an
				  entity that is regulated by any local, State or Federal regulatory agency;
				  or
(4) any 1099 independent
				  contractor or other outside contractor that does not provide mortgage related
				  services.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.18 - Filings

Current through Register Vol. 46, No. 28, July 10, 2024
All filings under this Part may be submitted electronically
					 in a format acceptable to the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.19 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 410 - Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books And Records; Annual Reports; Surety Bonds; And Consultants Of Licensed Mortgage Bankers And Registered Mortgage Brokers › Section 410.20 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 412 - Dissolution Of Fund Created Under Article Vi-b › Section 412.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
This regulation is promulgated under the authority of
					 Banking Law, section
					 284 and in accordance with the provisions of
					 section 2, article V of the Agreement for the Establishment of the Fund for
					 Savings Bank dated January 20, 1965.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 412 - Dissolution Of Fund Created Under Article Vi-b › Section 412.2 - General provisions

Current through Register Vol. 46, No. 28, July 10, 2024
The Fund for Savings Banks was created pursuant to article
					 VI-B of the Banking Law and in accordance with a written agreement entitled
					 "Agreement for the Establishment of the Fund for Savings Bank," pursuant to
					 article VI-B of the Banking Law, dated January 20, 1965. The agreement was
					 approved by the superintendent on February 11, 1965. The fund then entered into
					 a written agreement dated March 31, 1965 with a savings bank pursuant to which
					 the members of the fund, by and through the fund, contributed capital to the
					 initial surplus fund of a savings bank. The aforesaid contribution was
					 evidenced by a written instrument held by the fund known as a "Transferable
					 Certificate." On November 18, 1986 the said transferable certificate was
					 redeemed and cancelled by the payment from the savings bank representing full
					 payment of principal and interest to the date of payment.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 412 - Dissolution Of Fund Created Under Article Vi-b › Section 412.3 - Liquidation

Current through Register Vol. 46, No. 28, July 10, 2024
The Fund for Savings Banks may be liquidated upon
					 occurrence of:
(a) the affirmative
				  vote to liquidate, taken at a regular or a special meeting, of not less than 75
				  percent of total number of member banks representing not less than 662/3
				  percent of the total outstanding deposit liabilities of all the member
				  banks;
(b) the payment of all
				  liabilities incurred or assumed by the fund under the provisions of the
				  agreement and article VI-B of the Banking Law; and
(c) the distribution of the balance thereof
				  to the members pro rata according to their contribution under Banking Law,
				  section
				  284 and in accordance with article V,
				  section 2 of the agreement.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 412 - Dissolution Of Fund Created Under Article Vi-b › Section 412.4 - Certification

Current through Register Vol. 46, No. 28, July 10, 2024
The secretary of the fund shall certify to the
					 superintendent that the events referred to in section
					 412.3  of this Part
					 have taken place. Thereafter, upon the filing of the superintendent's approval
					 thereof in the office of the superintendent, the fund shall be
					 dissolved.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 413 - Procedures And Requirements For Mortgage Brokers To Act As Fha Mortgage Loan Correspondents › Section 413.1 - Authorization to act as an FHA mortgage loan correspondent

Current through Register Vol. 46, No. 28, July 10, 2024
Section 590 (5-a)  of the Banking
					 Law and this Part constitute the exclusive authority for mortgage brokers
					 registered pursuant to article 12-D of the Banking Law to act as FHA mortgage
					 loan correspondents. Nothing in this Part shall prohibit mortgage bankers
					 licensed pursuant to article 12-D of the Banking Law and exempt organizations
					 from acting as FHA mortgage loan correspondents.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 413 - Procedures And Requirements For Mortgage Brokers To Act As Fha Mortgage Loan Correspondents › Section 413.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) The term mortgage banker shall mean a
				  mortgage banker as defined in section 590 (1)(f)  of the Banking
				  Law.
(b) The term mortgage broker
				  shall mean a mortgage broker as defined in section 590 (1)(g)  of the Banking
				  Law.
(c) The term exempt
				  organization shall mean an exempt organization as defined in section
				  39.2  of this
				  Title.
(d) The term FHA mortgage
				  loan correspondent shall mean a mortgagee approved by the Secretary of Housing
				  and Urban Development which either:
(1) has
				  as its principal activity the origination of mortgages for sale or transfer to
				  a sponsor or sponsors; or
(2)
				  satisfies the definition of a supervised mortgagee contained in the regulations
				  promulgated by the Secretary of the Department of Housing and Urban
				  Development.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 413 - Procedures And Requirements For Mortgage Brokers To Act As Fha Mortgage Loan Correspondents › Section 413.3 - Minimum standards required for approval

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For purposes of this Part, in addition to
				  any other requirements of New York or Federal law, an applicant must satisfy
				  the following requirements before obtaining approval from the superintendent to
				  make FHA insured mortgage loans:
(1) be a
				  registered mortgage broker in good standing in New York State;
(2) comply with all Federal requirements to
				  act as an FHA mortgage loan correspondent as promulgated by the Secretary of
				  the Department of Housing and Urban Development;
(3) irrespective of any law or regulation to
				  the contrary, have a minimum adjusted net worth of $50,000;
(4) file with the superintendent an audited
				  financial statement for its latest fiscal year end;
(5) file with the superintendent, in addition
				  to any bond required under section
				  410.14 
				  of this Title or otherwise by law or regulation, a corporate surety bond in the
				  principal amount of $25,000 which shall be issued by a bonding company or
				  insurance company authorized to do business in this State and which shall
				  comply with the requirements set forth in subdivision (b) of this section. In
				  lieu of a corporate surety bond, the applicant may elect to deposit $25,000 in
				  assets pursuant to subdivision (c) of this section;
(6) obtain a written agreement with one or
				  more federally approved sponsors. Such sponsors must be satisfactory to the
				  superintendent; and
(7) have a
				  satisfactory supervisory and consumer complaint record.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 413 - Procedures And Requirements For Mortgage Brokers To Act As Fha Mortgage Loan Correspondents › Section 413.4 - Application procedures for mortgage brokers to obtain the approval of the superintendent to make fha insured mortgage loans

Current through Register Vol. 46, No. 28, July 10, 2024
Such application procedures are set forth in Banking
					 Department Supervisory Procedure MB 106.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 413 - Procedures And Requirements For Mortgage Brokers To Act As Fha Mortgage Loan Correspondents › Section 413.5 - Approval or denial of applications to make fha insured mortgage loans

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Upon approval
				  of an application to make FHA insured mortgage loans, the superintendent shall
				  issue a certificate stating that the mortgage broker may act as an FHA mortgage
				  loan correspondent and may make FHA insured mortgage loans in this
				  State.
(b) Upon denial of an
				  application to make FHA insured mortgage loans, the superintendent shall so
				  inform the applicant in writing. The superintendent may deny the application
				  for any of the following reasons:
(1) the
				  applicant fails to meet the minimum standards set forth in section
				  413.3 
				  of this Part;
(2) the applicant
				  fails to submit a complete application or any additional documentation
				  reasonably requested by the superintendent;
(3) the applicant has a supervisory and/or
				  consumer complaint record which warrants the belief that the public interest
				  would not be served by approving such application; and
(4) the superintendent does not approve of at
				  least one of the sponsors which has entered into a written agreement with the
				  applicant to fund its FHA insured mortgage loans in which case the applicant
				  shall have thirty days in which to submit a new sponsor to the superintendent
				  for approval.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 413 - Procedures And Requirements For Mortgage Brokers To Act As Fha Mortgage Loan Correspondents › Section 413.6 - Duties of a mortgage broker approved to act as an fha mortgage loan correspondent

Current through Register Vol. 46, No. 28, July 10, 2024
A registered mortgage broker which has been approved by the
					 superintendent to act as an FHA mortgage loan correspondent shall:
(a) within 48 hours after entering into a
				  loan correspondent agreement with any sponsor, notify the superintendent in
				  writing of its entering into any such agreement;
(b) within 48 hours after termination, notify
				  the superintendent in writing of the termination of any loan correspondent
				  agreement whether such agreement is terminated by the broker or by the
				  sponsor;
(c) within 48 hours after
				  suspension, withdrawal or surrender, notify the superintendent in writing if
				  its HUD approval to act as an FHA mortgage loan correspondent has been
				  suspended, withdrawn or surrendered;
(d) simultaneously with the issuance by the
				  loan correspondent of an interest rate lock-in agreement or commitment to fund,
				  whichever occurs first, notify consumers in writing of the name and address of
				  the sponsor;
(e) within 72 hours
				  after learning of any change in the sponsor, notify consumers in writing of
				  such change;
(f) submit a report
				  semi-annually to the superintendent. This report shall set forth the required
				  information by sponsor for each calendar month of the period covered. The
				  required information shall consist of the number and dollar amount of FHA loans
				  made and the average rate and points charged; and
(g) within 90 days of its fiscal year end,
				  submit to the superintendent a copy of its annual certified audit report
				  required by HUD.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 413 - Procedures And Requirements For Mortgage Brokers To Act As Fha Mortgage Loan Correspondents › Section 413.7 - Duties of a sponsor

Current through Register Vol. 46, No. 28, July 10, 2024
A licensed mortgage banker or exempt organization acting as
					 a sponsor for an approved FHA mortgage loan correspondent shall:
(a) upon completion of its underwriting
				  process, issue a written approval or denial of the mortgage loan to the FHA
				  mortgage loan correspondent;
(b)
				  whenever it approves an interest rate lock-in and/or commitment of a mortgage
				  loan, issue a written confirmation to the FHA mortgage loan correspondent;
				  and
(c) within 48 hours after
				  termination, notify the superintendent in writing when an agreement to act as
				  the sponsor for an FHA mortgage loan correspondent has been terminated. Such
				  written notice shall include:
(1) specific
				  reason(s) for the termination of its agreement to fund all FHA insured
				  mortgages for the mortgage loan correspondent;
(2) a list of the outstanding loan
				  commitments and interest rate lock-in agreements which the sponsor has approved
				  on behalf of the FHA mortgage loan correspondent; and
(3) a list of any such interest rate lock-in
				  agreements and loan commitments which the sponsor does not intend to honor and
				  the reason(s) for this decision.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 413 - Procedures And Requirements For Mortgage Brokers To Act As Fha Mortgage Loan Correspondents › Section 413.8 - Suspension or termination of approval to act as an fha mortgage loan correspondent

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				  superintendent may suspend for 60 days the approval of a registered mortgage
				  broker to act as an FHA mortgage loan correspondent if at any time he or she
				  shall disapprove the sole sponsor or if the sole sponsor shall terminate its
				  agreement with the FHA mortgage loan correspondent during which time the loan
				  correspondent shall submit a new sponsor to the superintendent for
				  approval.
(b) The superintendent
				  may terminate the approval of a registered mortgage broker to act as an FHA
				  mortgage loan correspondent if at any time:
(1) the 60-day suspension set forth in
				  subdivision (a) of this section has expired without the loan correspondent
				  having obtained approval from the superintendent for a new sponsor;
(2) the FHA mortgage loan correspondent fails
				  to be in compliance with this Part or with any other law or regulation
				  administered by the superintendent to which it is subject; or
(3) the FHA mortgage loan correspondent fails
				  to remain in good standing with the Secretary of HUD.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 416 - Anti-money Laundering Programs For Applications For Licenses, Branches And Acquisitions By Licensed Check Cashers And Licensed Money Transmitters › Section 416.1 - Anti-money laundering programs

Current through Register Vol. 46, No. 28, July 10, 2024
This Part is issued to assure ongoing compliance with the
					 existing practice of the Superintendent of Banks (the "superintendent") to
					 require each applicant for a licensed check casher license or licensed money
					 transmitter license (each a "licensee"), a branch office of a licensee or for
					 approval to acquire licensee to demonstrate an anti-money laundering program
					 that complies with applicable Federal anti-money laundering laws (31 U.S.C.
					 chapter 53, subchapter II)[FN*]and regulations promulgated by the United States
					 Department of the Treasury ( 31 CFR part 103.125)* (hereinafter, referred to as
					 "  31 CFR 103  "). In addition, the Superintendent seeks to assure compliance
					 with applicable regulations of the Office of Foreign Asset Control regulations
					 issued by the United States Department of the Treasury ("OFAC") (31 CFR part
					 500 et. seq.)*.
(a) Each applicant
				  shall demonstrate that it has, or on the effective date of the transaction that
				  is the subject of the application, will have, an anti-money laundering program
				  that complies with the applicable Federal anti-money laundering laws and
				  regulations referred to in this section.
(b) For purposes of this Part, the required
				  anti-money laundering program shall, at a minimum:
(1) incorporate policies, procedures, and
				  internal controls reasonably designed to assure compliance with  31 CFR 103, including;
(i) policies, procedures, internal
				  controls developed and implemented under this section shall include provisions
				  for complying with the requirements of  31 CFR 103  including, to the extent
				  applicable to the licensee, requirements for:
(a) verifying customer
				  identification;
(b) filing
				  reports;
(c) creating and retaining
				  records; and
(d) responding to law
				  enforcement requests.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 416 - Anti-money Laundering Programs For Applications For Licenses, Branches And Acquisitions By Licensed Check Cashers And Licensed Money Transmitters › Section 416.2 - License applications

Current through Register Vol. 46, No. 28, July 10, 2024
All applications submitted for prior approval of the
					 superintendent to become a licensed check casher or licensed money transmitter
					 shall be accompanied by information demonstrating that the applicant will
					 maintain an anti-money laundering program that satisfies the requirements set
					 forth in section
					 416.1 
					 of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 416 - Anti-money Laundering Programs For Applications For Licenses, Branches And Acquisitions By Licensed Check Cashers And Licensed Money Transmitters › Section 416.3 - Branching applications

Current through Register Vol. 46, No. 28, July 10, 2024
All applications submitted for the prior approval of the
					 superintendent to establish a branch or branches by any licensed check casher
					 shall be accompanied by information demonstrating that the applicant has or
					 will have an anti-money laundering program that satisfies the requirements set
					 forth in section
					 416.1 
					 of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 416 - Anti-money Laundering Programs For Applications For Licenses, Branches And Acquisitions By Licensed Check Cashers And Licensed Money Transmitters › Section 416.4 - Acquisition applications

Current through Register Vol. 46, No. 28, July 10, 2024
All applications submitted for the prior approval of the
					 superintendent to merge with, purchase and/or assume, or acquire control (as
					 defined in the applicable provisions of the Banking Law) of, any licensed check
					 casher or licensed money transmitter shall in every case be accompanied by
					 information demonstrating compliance with, or a plan that would comply with,
					 the requirements set forth in section
					 416.1 
					 of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 416 - Anti-money Laundering Programs For Applications For Licenses, Branches And Acquisitions By Licensed Check Cashers And Licensed Money Transmitters › Section 416.5 - Waivers

Current through Register Vol. 46, No. 28, July 10, 2024
In considering an application subject to this Part, the
					 superintendent may determine, for good cause shown, that the lack of compliance
					 with any of the requirements of this Part does not necessarily preclude
					 approval of the application.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 417 - Maintenance Of Anti-money Laundering Compliance Programs By Licensed Check Cashers And Licensed Money Transmitters › Section 417.1 - Covered entities

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall apply to all licensed check cashers and
					 licensed transmitters of money (each a "licensee").
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 417 - Maintenance Of Anti-money Laundering Compliance Programs By Licensed Check Cashers And Licensed Money Transmitters › Section 417.2 - Anti-money laundering programs

Current through Register Vol. 46, No. 28, July 10, 2024
Each licensee, in order to guard against money laundering
					 through their businesses, shall establish and maintain an anti-money laundering
					 program that complies with applicable Federal anti-money laundering law (31
					 U.S.C. chapter 53, subchapter II)[FN*], including the obligation to file
					 suspicious activity reports ("SARS") (31 U.S.C. section
					 5318 [g])*, and regulations promulgated by
					 the Department of Treasury (   31 CFR part 103  .125)* (hereinafter referred to as
					 "31 CFR part 103"), and, when ordered, such entities shall provide within 30
					 days a written report to the Superintendent of Banks (the "superintendent")
					 detailing the extent to which each such institution has established such a
					 program. In addition, the superintendent seeks to assure compliance with
					 applicable regulations of the Office of Foreign Assets Control promulgated by
					 the United States Department of the Treasury ( 31 CFR part 500  et seq.)*.
(a) For purposes of this Part, the required
				  anti-money laundering program shall, at a minimum:
(1) incorporate policies, procedures, and
				  internal controls reasonably designed to assure compliance with this  31 CFR
				  part 103, including;
(i) policies,
				  procedures, internal controls developed and implemented under this section
				  shall include provisions for complying with the requirements of  31 CFR part 103
				   including, to the extent applicable to the money services business,
				  requirements for:
(a) verifying customer
				  identification;
(b) filing
				  reports;
(c) creating and retaining
				  records; and
(d) responding to law
				  enforcement requests.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 417 - Maintenance Of Anti-money Laundering Compliance Programs By Licensed Check Cashers And Licensed Money Transmitters › Section 417.3 - Additional reports

Current through Register Vol. 46, No. 28, July 10, 2024
Each licensee shall provide such additional reports
					 regarding its compliance with this Part as shall be directed by the
					 superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 418 - Registration Requirements; Financial Responsibility Requirements › Section 418.1 - Scope and application of this Part

Current through Register Vol. 46, No. 28, July 10, 2024
Article 12-D of the Banking Law requires certain persons
					 (certain terms in this Part are defined in section
					 418.3  of this Part)
					 engaged in the business of servicing mortgage loans to register with the
					 superintendent. Sections
					 418.2
					 to
					 418.11 
					 of this Part implement such registration requirements. Article 12-D of the
					 Banking Law also provides exemptions from such registration requirements for
					 certain exempted persons, provided that such persons notify the superintendent
					 that they are servicing mortgage loans in this State and comply with any
					 regulations applicable to persons so engaged. Sections
					 418.12
					 to
					 418.13 
					 of this Part set forth financial responsibility requirements that are
					 applicable to applicants for mortgage loan servicer registration as well as to
					 both registered and exempt persons engaged in servicing mortgage loans in this
					 State.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 418 - Registration Requirements; Financial Responsibility Requirements › Section 418.4 - Application for registration

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General.
Applications for registration shall be made in such
				  form as may be prescribed by the Superintendent. Instructions for submission of
				  applications are available on the Department's website as set forth in section
				  1.1  of
				  Supervisory Policy G 1 and may also be obtained by written request to the
				  Department, at the address set forth in section
				  1.1  of
				  Supervisory Policy G 1 or the address set forth in Supervisory Procedure MB
				  109.
(b)
Fee.
A
				  completed application must be accompanied by payment of a non-refundable
				  application fee. The amount of such fee is $3,000, as provided in section 18-a 
				  of the Banking Law.
(c)
Signature;
Information required. The application for
				  registration as an MLS shall be executed by the applicant under penalty of
				  perjury and shall include the information and documents referred to in
				  Supervisory Procedure MB 109 as well as any other information and documents as
				  the Superintendent may require to assist in reviewing the
				  application.
(d)
Fingerprints.
The applicant shall provide fingerprint cards
				  and pay any related fees as specified in Supervisory Procedure MB 109 for such
				  officers and other control Persons of the MLS as shall be required by the
				  Superintendent.