New York Banking Law Article 12-E - LICENSED MORTGAGE LOAN ORIGINATORS

• 599-a - Legislative Purpose.
  The legislature deems it necessary, in order to enhance consumer protection, reduce fraud and ensure the public welfare, that mortgage loan originators who originate mortgage...
• 599-b - Definitions.
  As used in this article: 1. "Annual expiration date" means December thirty-first of each year. 2. "Depository institution" has the same meaning as in section...
• 599-c - License Required.
  1. License required. No individual, unless specifically exempt pursuant to subdivision three of this section shall engage in the business of a mortgage loan originator...
• 599-d - State License Application.
  1. Form of application. Applicants for a license under this article shall apply on a form prescribed by the superintendent. Each such form shall contain...
• 599-e - Issuance of a License.
  1. Findings. Notwithstanding any other law, the superintendent shall not issue a mortgage loan origination license unless he or she makes, at a minimum, the...
• 599-f - Pre-Licensing Educational Requirements.
  1. Minimum educational requirements. In order to meet the pre-licensing education requirement referred to in this article, a person shall complete at least twenty hours...
• 599-g - Testing of Mortgage Loan Originators.
  1. General requirements. In order to meet the written test requirement referred to in this article, an individual shall pass, in accordance with the standards...
• 599-h - Mortgage Call Reports.
  Each originating entity shall submit to the NMLSR reports of condition, which shall be in such form and shall contain such information as the NMLSR...
• 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...
• 599-j - Continuing Education for Mortgage Loan Originators.
  1. Continuing education requirements. In order to meet the annual continuing education requirements referred to in section five hundred ninety-nine-i of this article, a licensed...
• 599-k - Required Surety Bond.
  1. Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event that the mortgage loan originator...
• 599-l - Reports by the Superintendent; Permissive Challenges by Licensees.
  1. Notwithstanding any other provisions of law, the superintendent shall report on a regular basis, not more than annually, all violations of this article, as...
• 599-m - Required Records and Reporting.
  1. Educational records. Each originating entity shall obtain and retain acceptable documentation of the satisfactory completion of education courses required pursuant to this article by...
• 599-n - Enforcement Authority; Grounds for Suspension or Revocation of a Mortgage Loan Originator License; Restitution.
  1. Licensee revocation. In addition to the authority set forth in subdivision three of this section, the superintendent may revoke a license to engage in...
• 599-o - Rules, Regulations and Examinations.
  1. The superintendent is hereby authorized and empowered to make such rules and regulations and interim procedures for licensing and acceptance of applications as may...
• 599-p - Unique Identifier.
  The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements,...
• 599-q - Confidentiality.
  In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing, information provided to the superintendent by an MLO shall be...
• 599-r - Construction.
  Nothing contained in this article shall be deemed to impair, alter or render ineffective any provision of article twelve-D of this chapter, including but not...

Last modified: February 3, 2019