State Codes and Statutes

Statutes > New-york > Bnk > Article-12-d > 591-a

§ 591-a.  Application  to  register  as a mortgage broker; fees. 1. An  application to become registered  as  a  mortgage  broker  shall  be  in  writing,  under  oath,  in  such  form  as  shall  be  prescribed by the  superintendent, and shall be accompanied  by  the  fingerprints  of  the  applicant.  Such  fingerprints  shall  be  submitted  to the division of  criminal justice services for a state criminal history record check,  as  defined  in subdivision one of section three thousand thirty-five of the  education  law,  and  may  be  submitted  to  the  federal   bureau   of  investigation  for  a  national  criminal  history  record  check.  Such  application shall contain the name and complete business and residential  address or addresses  of  the  applicant,  or  if  the  applicant  is  a  partnership,   association,   corporation  or  other  form  of  business  organization, the names and complete business and residential  addresses  of each member, director and principal officer thereof. Such application  shall  also  include  an  affirmation  of financial solvency noting such  capitalization requirements as may be required  by  the  superintendent,  and   such   descriptions   of   the   business   activities,  financial  responsibility, educational background and general character and fitness  of the  applicant  as  may  be  required  by  the  superintendent.  Such  application  shall be accompanied by an investigation fee payable to the  superintendent as prescribed pursuant  to  section  eighteen-a  of  this  chapter.    2.  A registrant may apply for authority to open and maintain a branch  office by giving the superintendent prior notice  of  its  intention  in  such  form  as  shall  be  prescribed  by the superintendent. Unless the  superintendent denies the application within thirty days of  publication  of notice of receipt of a completed application, the registrant shall be  permitted  to  open  and  maintain such branch office. An application to  open  and  maintain  a  branch  office  shall  be  accompanied   by   an  investigation  fee  as prescribed pursuant to section eighteen-a of this  chapter.    3. As a condition  for  the  issuance  and  retention  of  a  mortgage  broker's   registration,   and   subject  to  such  regulations  as  the  superintendent shall prescribe, applicants for a registration shall file  with the superintendent a surety bond or make a deposit, as described in  subdivision four of section five hundred ninety-one of this article,  in  an amount and form prescribed by regulations of the superintendent. Such  regulations  shall  provide  for  a  varying  bond  amount  based upon a  registrant's volume of  business  and  any  other  relevant  factors  as  determined by the superintendent, but in no case shall such bond be less  than  ten  thousand  dollars nor more than one hundred thousand dollars;  provided however that if the superintendent determines, in  his  or  her  sole  discretion,  that a registrant has engaged in a pattern of conduct  resulting  in  bona  fide  consumer  complaints   of   misconduct,   the  superintendent  may  require  such  registrant to post a surety bond, or  keep on deposit as provided in this subdivision,  twice  the  amount  of  such bond or deposit as is required consistent with such regulations. In  the   event  of  the  insolvency,  liquidation  or  bankruptcy  of  such  registrant, or the surrender or revocation  of  such  mortgage  broker's  registration,  or  where  the  superintendent  takes  possession of such  registrant, the proceeds of each bond  or  deposit  shall  constitute  a  trust  fund  to  be used exclusively to reimburse consumer fees or other  charges determined by the superintendent to  be  improperly  charged  or  collected  and  to pay past due banking department examination costs and  assessments charged  to  the  registrant,  unpaid  penalties,  or  other  obligations  of  the  registrant.  The  superintendent  is authorized to  promulgate such regulations as are necessary and desirable to define and  implement the provisions  of  this  subdivision.  Persons  and  entitiesregistered  prior  to  the  effective  date  of  any  regulations of the  superintendent  implementing  or  modifying  the   bonding   requirement  authorized  by  this  subdivision shall file such bond or establish such  deposit within six months of the effective date of such regulations.

State Codes and Statutes

Statutes > New-york > Bnk > Article-12-d > 591-a

§ 591-a.  Application  to  register  as a mortgage broker; fees. 1. An  application to become registered  as  a  mortgage  broker  shall  be  in  writing,  under  oath,  in  such  form  as  shall  be  prescribed by the  superintendent, and shall be accompanied  by  the  fingerprints  of  the  applicant.  Such  fingerprints  shall  be  submitted  to the division of  criminal justice services for a state criminal history record check,  as  defined  in subdivision one of section three thousand thirty-five of the  education  law,  and  may  be  submitted  to  the  federal   bureau   of  investigation  for  a  national  criminal  history  record  check.  Such  application shall contain the name and complete business and residential  address or addresses  of  the  applicant,  or  if  the  applicant  is  a  partnership,   association,   corporation  or  other  form  of  business  organization, the names and complete business and residential  addresses  of each member, director and principal officer thereof. Such application  shall  also  include  an  affirmation  of financial solvency noting such  capitalization requirements as may be required  by  the  superintendent,  and   such   descriptions   of   the   business   activities,  financial  responsibility, educational background and general character and fitness  of the  applicant  as  may  be  required  by  the  superintendent.  Such  application  shall be accompanied by an investigation fee payable to the  superintendent as prescribed pursuant  to  section  eighteen-a  of  this  chapter.    2.  A registrant may apply for authority to open and maintain a branch  office by giving the superintendent prior notice  of  its  intention  in  such  form  as  shall  be  prescribed  by the superintendent. Unless the  superintendent denies the application within thirty days of  publication  of notice of receipt of a completed application, the registrant shall be  permitted  to  open  and  maintain such branch office. An application to  open  and  maintain  a  branch  office  shall  be  accompanied   by   an  investigation  fee  as prescribed pursuant to section eighteen-a of this  chapter.    3. As a condition  for  the  issuance  and  retention  of  a  mortgage  broker's   registration,   and   subject  to  such  regulations  as  the  superintendent shall prescribe, applicants for a registration shall file  with the superintendent a surety bond or make a deposit, as described in  subdivision four of section five hundred ninety-one of this article,  in  an amount and form prescribed by regulations of the superintendent. Such  regulations  shall  provide  for  a  varying  bond  amount  based upon a  registrant's volume of  business  and  any  other  relevant  factors  as  determined by the superintendent, but in no case shall such bond be less  than  ten  thousand  dollars nor more than one hundred thousand dollars;  provided however that if the superintendent determines, in  his  or  her  sole  discretion,  that a registrant has engaged in a pattern of conduct  resulting  in  bona  fide  consumer  complaints   of   misconduct,   the  superintendent  may  require  such  registrant to post a surety bond, or  keep on deposit as provided in this subdivision,  twice  the  amount  of  such bond or deposit as is required consistent with such regulations. In  the   event  of  the  insolvency,  liquidation  or  bankruptcy  of  such  registrant, or the surrender or revocation  of  such  mortgage  broker's  registration,  or  where  the  superintendent  takes  possession of such  registrant, the proceeds of each bond  or  deposit  shall  constitute  a  trust  fund  to  be used exclusively to reimburse consumer fees or other  charges determined by the superintendent to  be  improperly  charged  or  collected  and  to pay past due banking department examination costs and  assessments charged  to  the  registrant,  unpaid  penalties,  or  other  obligations  of  the  registrant.  The  superintendent  is authorized to  promulgate such regulations as are necessary and desirable to define and  implement the provisions  of  this  subdivision.  Persons  and  entitiesregistered  prior  to  the  effective  date  of  any  regulations of the  superintendent  implementing  or  modifying  the   bonding   requirement  authorized  by  this  subdivision shall file such bond or establish such  deposit within six months of the effective date of such regulations.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Bnk > Article-12-d > 591-a

§ 591-a.  Application  to  register  as a mortgage broker; fees. 1. An  application to become registered  as  a  mortgage  broker  shall  be  in  writing,  under  oath,  in  such  form  as  shall  be  prescribed by the  superintendent, and shall be accompanied  by  the  fingerprints  of  the  applicant.  Such  fingerprints  shall  be  submitted  to the division of  criminal justice services for a state criminal history record check,  as  defined  in subdivision one of section three thousand thirty-five of the  education  law,  and  may  be  submitted  to  the  federal   bureau   of  investigation  for  a  national  criminal  history  record  check.  Such  application shall contain the name and complete business and residential  address or addresses  of  the  applicant,  or  if  the  applicant  is  a  partnership,   association,   corporation  or  other  form  of  business  organization, the names and complete business and residential  addresses  of each member, director and principal officer thereof. Such application  shall  also  include  an  affirmation  of financial solvency noting such  capitalization requirements as may be required  by  the  superintendent,  and   such   descriptions   of   the   business   activities,  financial  responsibility, educational background and general character and fitness  of the  applicant  as  may  be  required  by  the  superintendent.  Such  application  shall be accompanied by an investigation fee payable to the  superintendent as prescribed pursuant  to  section  eighteen-a  of  this  chapter.    2.  A registrant may apply for authority to open and maintain a branch  office by giving the superintendent prior notice  of  its  intention  in  such  form  as  shall  be  prescribed  by the superintendent. Unless the  superintendent denies the application within thirty days of  publication  of notice of receipt of a completed application, the registrant shall be  permitted  to  open  and  maintain such branch office. An application to  open  and  maintain  a  branch  office  shall  be  accompanied   by   an  investigation  fee  as prescribed pursuant to section eighteen-a of this  chapter.    3. As a condition  for  the  issuance  and  retention  of  a  mortgage  broker's   registration,   and   subject  to  such  regulations  as  the  superintendent shall prescribe, applicants for a registration shall file  with the superintendent a surety bond or make a deposit, as described in  subdivision four of section five hundred ninety-one of this article,  in  an amount and form prescribed by regulations of the superintendent. Such  regulations  shall  provide  for  a  varying  bond  amount  based upon a  registrant's volume of  business  and  any  other  relevant  factors  as  determined by the superintendent, but in no case shall such bond be less  than  ten  thousand  dollars nor more than one hundred thousand dollars;  provided however that if the superintendent determines, in  his  or  her  sole  discretion,  that a registrant has engaged in a pattern of conduct  resulting  in  bona  fide  consumer  complaints   of   misconduct,   the  superintendent  may  require  such  registrant to post a surety bond, or  keep on deposit as provided in this subdivision,  twice  the  amount  of  such bond or deposit as is required consistent with such regulations. In  the   event  of  the  insolvency,  liquidation  or  bankruptcy  of  such  registrant, or the surrender or revocation  of  such  mortgage  broker's  registration,  or  where  the  superintendent  takes  possession of such  registrant, the proceeds of each bond  or  deposit  shall  constitute  a  trust  fund  to  be used exclusively to reimburse consumer fees or other  charges determined by the superintendent to  be  improperly  charged  or  collected  and  to pay past due banking department examination costs and  assessments charged  to  the  registrant,  unpaid  penalties,  or  other  obligations  of  the  registrant.  The  superintendent  is authorized to  promulgate such regulations as are necessary and desirable to define and  implement the provisions  of  this  subdivision.  Persons  and  entitiesregistered  prior  to  the  effective  date  of  any  regulations of the  superintendent  implementing  or  modifying  the   bonding   requirement  authorized  by  this  subdivision shall file such bond or establish such  deposit within six months of the effective date of such regulations.

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