New York Codes, Rules and Regulations › Title 23 - FINANCIAL SERVICES › Chapter I - Regulations of the Superintendent of Financial Services › Part 501 - Nationwide Multistate Licensing System and Registry › Section 501.1 - Nationwide Multistate Licensing System and Registry (NMLS)

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Subject to the
				requirements of this Part, the Superintendent may allow any application or
				other submission to or with regard to the Department to be made or executed
				through the Nationwide Multistate Licensing System and Registry
				("NMLS").
(b) An applicant,
				licensee or other entity or individual may file an application or other
				submission through the NMLS only if the applicant, licensee, or other entity or
				individual agrees in a manner acceptable to the Superintendent to comply with
				all of the filing requirements imposed by the NMLS and by the Department
				including the payment of all fees required by the NMLS and by the
				Department.
(c) An applicant,
				licensee or other entity or individual that files an application or other
				submission through the NMLS shall comply with all of the filing requirements
				imposed by the NMLS and the Department including the payment of all fees
				required by the NMLS and by the Department.
(d) The Superintendent may accept the information required to be
				reported by an applicant, licensee or other entity or individual through the
				NLMS in connection with an application or other submission as satisfaction of
				the information that would otherwise be required to be reported to the
				Department, notwithstanding the requirements imposed by any other regulation or
				procedure.
(e) Fees payable to the
				NMLS shall be the sole property of the N MLS and shall not be deemed revenue of
				the Department.
(f) Filing
				requirements as well as instructions and other in formation regarding use of
				the NMLS may be provided on the Department's website, the NMLS's website and/or
				in any other reasonable location or manner, as determined by the Superintendent
				in his or her sole discretion.
(g)
				The Superintendent may prohibit an entity or individual from using, or may
				withdraw its approval of the use of, the NMLS if an entity or individual
				violates any provision of this Part or if the use of the NMLS would be
				inconsistent with the purpose or intent of any applicable law, regulation,
				procedure, order or similar authority. The Superintendent may notify such
				entity or individual by any method the Superintendent deems reasonable,
				including but not limited to a statement on the Department's website or by an
				electronic communication to the user. All entities and individuals affected by
				such notification shall cease using NMLS in accordance with the time frame set
				forth in the notification.
(h) The
				provisions of this Part shall not apply to the use of the NMLS by mortgage
				bankers, mortgage brokers, mortgage loan servicers, mortgage loan originators
				or similar mortgage-related entities or individuals acting as such pursuant to
				Banking Law Articles 12-D or 12-E.
(i) For purposes of this part, all references to the Nationwide
				Multistate Licensing System or NMLS shall include all related computer systems,
				the Conference of State Bank Supervisors, and State Regulatory Registry
				LLC.