2010 New York Code
BNK - Banking
Article 12-D - (589 - 599) LICENSED MORTGAGE BANKERS
592-A - Application process to register as a mortgage broker.

§ 592-a. Application process to register as a mortgage broker. 1. Upon
  the  filing  of  an  application for registration, if the superintendent
  shall find that the financial responsibility, experience, character, and
  general fitness of the applicant, and of  the  members  thereof  if  the
  applicant  is  a  co-partnership or association, and of the officers and
  directors thereof if the applicant is a  corporation,  are  such  as  to
  command  the  confidence of the community and to warrant belief that the
  business will be operated honestly, fairly, and efficiently  within  the
  purpose of this article, the superintendent shall thereupon register the
  applicant  as a mortgage broker on a roll maintained for that purpose at
  the banking department,  and  issue  a  certificate  attesting  to  such
  registration  in duplicate. If the superintendent shall not so find, the
  superintendent shall not register such applicant, and shall  notify  the
  applicant  of  the denial. The superintendent shall transmit one copy of
  such certificate to the applicant and file another in the office of  the
  banking  department.  Upon receipt of such certificate a mortgage broker
  shall be authorized to engage in the business of placing, processing and
  negotiating mortgage loans. Such registration shall remain in full force
  and effect until it  is  surrendered  by  the  licensee  or  revoked  or
  suspended  as  hereinafter  provided,  except  that  such  registration,
  notwithstanding any provisions of subdivision five of section  seventeen
  of  this  chapter  to  the  contrary, shall expire upon the registrant's
  failure to pay the required assessment charged pursuant to such  section
  seventeen  thirty  days after the date or dates such payment or payments
  are due. If the registrant fails to pay such charged assessment  by  the
  date  or  dates  such  payment  or payments are due, then the registrant
  shall be required to pay, in addition, a late fee in the amount  of  one
  hundred dollars. Such registration shall be reinstated if the registrant
  pays  such  assessment  charged  and  any  applicable  late  fees and/or
  interest within sixty days of such expiration. The superintendent  shall
  approve  or  deny  every  application  for registration hereunder within
  ninety days from the filing of a complete application provided, however,
  that failure to act within the prescribed period  shall  not  be  deemed
  approval of any such application.
    2.  The  superintendent  may refuse to issue a certificate pursuant to
  this article if he or she shall find that the applicant, or  any  person
  who  is  a  director,  officer,  partner,  agent,  employee, substantial
  stockholder of the applicant, consultant or person having a relationship
  with the applicant similar to a consultant, (a) has been convicted of  a
  crime  involving  an  activity  which  is a felony under this chapter or
  under article one hundred fifty-five, one hundred seventy,  one  hundred
  seventy-five,  one  hundred seventy-six, one hundred eighty, one hundred
  eighty-five, one hundred eighty-seven, one hundred ninety, two  hundred,
  two  hundred  ten  or  four  hundred  seventy  of  the  penal law or any
  comparable felony under the laws  of  any  other  state  or  the  United
  States,  provided  that  such  crime  would be a felony if committed and
  prosecuted under the laws of this state or (b)  has  had  a  license  or
  registration  revoked  by the superintendent or (c) has been a director,
  partner, or substantial stockholder of an entity which has had a license
  or registration revoked by the superintendent or (d) has been an  agent,
  employee  or  officer of an entity, or a consultant to, or person having
  had a similar relationship with, any entity which has had a  license  or
  registration  revoked by the superintendent where such person shall have
  been found by the superintendent to bear  responsibility  in  connection
  with the revocation. The term "substantial stockholder", as used in this
  subdivision,  shall be deemed to refer to a person owning or controlling
  directly or indirectly ten per centum or more of the  total  outstanding
  stock of a corporation.