State Codes and Statutes

Statutes > New-york > Bnk > Article-12-e > 599-i

§  599-i. Standards for license renewal; inactive status. 1. Standards  for renewal. The following minimum standards  for  license  renewal  for  mortgage loan originators are hereby established:    (a)  The  mortgage  loan  originator must continue to meet the minimum  standards for  license  issuance  set  forth  in  section  five  hundred  ninety-nine-e of this article;    (b)  The  mortgage  loan originator must satisfy the annual continuing  education requirements described in section five  hundred  ninety-nine-j  of this article; and    (c)  The mortgage loan originator must have paid all required fees for  the renewal of the license.    2. Failure to satisfy  standards.  The  license  of  a  mortgage  loan  originator  failing  to  satisfy the minimum standards for renewal shall  terminate. In the event the licensed mortgage loan originator  fails  to  pay  such  fee  or  otherwise  satisfy this section, then the department  shall notify the originating entity of the termination of  the  license.  Such  license  shall  be  reinstated, in the case of a licensed mortgage  loan originator failing  to  timely  pay  such  fee,  if  such  licensed  mortgage  loan  originator  pays  such fee within sixty days of such due  date.    3. Submission of annual request. An annual request for  renewal  of  a  license  as a mortgage loan originator shall be affirmed by the mortgage  loan originator and  submitted  electronically,  including  through  the  NMLSR,  in  such  form  and  in  such manner as may be prescribed by the  superintendent. The  annual  request  for  renewal  shall  contain  such  information as specified by the superintendent.    4.  Inactive  status. The license of a mortgage loan originator is not  effective during any period during which the mortgage loan originator is  not employed by, or is an  independent  contractor  of,  an  originating  entity.  When a mortgage loan originator ceases to be employed by, or is  an independent contractor of, an  originating  entity,  the  originating  entity  shall promptly notify the superintendent of the termination date  of such employment or affiliation. The license  of  such  mortgage  loan  originator  shall  be placed in inactive status until the superintendent  receives written or electronic notice of the mortgage loan  originator's  new employment or affiliation. A mortgage loan originator shall continue  to  pay  the  annual  license fee and to take required education courses  while in inactive status.

State Codes and Statutes

Statutes > New-york > Bnk > Article-12-e > 599-i

§  599-i. Standards for license renewal; inactive status. 1. Standards  for renewal. The following minimum standards  for  license  renewal  for  mortgage loan originators are hereby established:    (a)  The  mortgage  loan  originator must continue to meet the minimum  standards for  license  issuance  set  forth  in  section  five  hundred  ninety-nine-e of this article;    (b)  The  mortgage  loan originator must satisfy the annual continuing  education requirements described in section five  hundred  ninety-nine-j  of this article; and    (c)  The mortgage loan originator must have paid all required fees for  the renewal of the license.    2. Failure to satisfy  standards.  The  license  of  a  mortgage  loan  originator  failing  to  satisfy the minimum standards for renewal shall  terminate. In the event the licensed mortgage loan originator  fails  to  pay  such  fee  or  otherwise  satisfy this section, then the department  shall notify the originating entity of the termination of  the  license.  Such  license  shall  be  reinstated, in the case of a licensed mortgage  loan originator failing  to  timely  pay  such  fee,  if  such  licensed  mortgage  loan  originator  pays  such fee within sixty days of such due  date.    3. Submission of annual request. An annual request for  renewal  of  a  license  as a mortgage loan originator shall be affirmed by the mortgage  loan originator and  submitted  electronically,  including  through  the  NMLSR,  in  such  form  and  in  such manner as may be prescribed by the  superintendent. The  annual  request  for  renewal  shall  contain  such  information as specified by the superintendent.    4.  Inactive  status. The license of a mortgage loan originator is not  effective during any period during which the mortgage loan originator is  not employed by, or is an  independent  contractor  of,  an  originating  entity.  When a mortgage loan originator ceases to be employed by, or is  an independent contractor of, an  originating  entity,  the  originating  entity  shall promptly notify the superintendent of the termination date  of such employment or affiliation. The license  of  such  mortgage  loan  originator  shall  be placed in inactive status until the superintendent  receives written or electronic notice of the mortgage loan  originator's  new employment or affiliation. A mortgage loan originator shall continue  to  pay  the  annual  license fee and to take required education courses  while in inactive status.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Bnk > Article-12-e > 599-i

§  599-i. Standards for license renewal; inactive status. 1. Standards  for renewal. The following minimum standards  for  license  renewal  for  mortgage loan originators are hereby established:    (a)  The  mortgage  loan  originator must continue to meet the minimum  standards for  license  issuance  set  forth  in  section  five  hundred  ninety-nine-e of this article;    (b)  The  mortgage  loan originator must satisfy the annual continuing  education requirements described in section five  hundred  ninety-nine-j  of this article; and    (c)  The mortgage loan originator must have paid all required fees for  the renewal of the license.    2. Failure to satisfy  standards.  The  license  of  a  mortgage  loan  originator  failing  to  satisfy the minimum standards for renewal shall  terminate. In the event the licensed mortgage loan originator  fails  to  pay  such  fee  or  otherwise  satisfy this section, then the department  shall notify the originating entity of the termination of  the  license.  Such  license  shall  be  reinstated, in the case of a licensed mortgage  loan originator failing  to  timely  pay  such  fee,  if  such  licensed  mortgage  loan  originator  pays  such fee within sixty days of such due  date.    3. Submission of annual request. An annual request for  renewal  of  a  license  as a mortgage loan originator shall be affirmed by the mortgage  loan originator and  submitted  electronically,  including  through  the  NMLSR,  in  such  form  and  in  such manner as may be prescribed by the  superintendent. The  annual  request  for  renewal  shall  contain  such  information as specified by the superintendent.    4.  Inactive  status. The license of a mortgage loan originator is not  effective during any period during which the mortgage loan originator is  not employed by, or is an  independent  contractor  of,  an  originating  entity.  When a mortgage loan originator ceases to be employed by, or is  an independent contractor of, an  originating  entity,  the  originating  entity  shall promptly notify the superintendent of the termination date  of such employment or affiliation. The license  of  such  mortgage  loan  originator  shall  be placed in inactive status until the superintendent  receives written or electronic notice of the mortgage loan  originator's  new employment or affiliation. A mortgage loan originator shall continue  to  pay  the  annual  license fee and to take required education courses  while in inactive status.