2013 New York Consolidated Laws
BNK - Banking
Article 12-D - (589 - 599) LICENSED MORTGAGE BANKERS
597 - Books and records; reports and electronic filing.

 
    § 597.   Books  and  records;  reports  and  electronic  filing.  Each
  licensee, servicer, registrant and exempt organization  shall  keep  and
  use  in its business such books, accounts and records as will enable the
  superintendent to determine whether such licensee, servicer,  registrant
  or  exempt organization is complying with the provisions of this article
  and with the rules and regulations lawfully made by  the  superintendent
  and  the superintendent of financial services. Every licensee, servicer,
  registrant and exempt organization shall preserve such books,  accounts,
  and   records,  for  at  least  three  years;  provided,  however,  that
  preservation  by  photographic  reproduction  thereof  or   records   in
  photographic  form, including an optical disk storage system and the use
  of electronic data processing equipment that provides comparable records
  to those otherwise required and which are available for examination upon
  request shall  constitute  compliance  with  the  requirements  of  this
  section.
    Each licensee and registrant shall annually, on or before a date to be
  determined  by the superintendent, file a report with the superintendent
  giving such information as the superintendent may require concerning the
  business and operations during  the  preceding  calendar  year  of  such
  licensee  or  registrant  under  authority  of this article. Such report
  shall be subscribed and affirmed as true by the licensee  or  registrant
  under  the  penalties  of perjury and shall be in the form prescribed by
  the superintendent. In addition to annual  reports,  the  superintendent
  may  require such additional regular or special reports as he or she may
  deem necessary to the proper supervision of  licensees  and  registrants
  under  this  article.  Such  additional  reports  shall  be  in the form
  prescribed by the superintendent and shall be subscribed and affirmed as
  true under the penalties of perjury.
    Notwithstanding article three of the state technology law or any other
  law to the contrary, the superintendent may require that any application
  for, or renewal of, any license or registration or any other  submission
  or approval as may be required by the superintendent be made or executed
  by  electronic  means  if  he  or  she  deems it necessary to ensure the
  efficient administration of this article.
    The superintendent may require servicers to  file  annual  reports  or
  other  regular  or  special  reports,  including reports with respect to
  mortgage delinquencies and foreclosures. Such reports shall  be  in  the
  form  prescribed  by  the  superintendent  and  shall  be subscribed and
  affirmed as true under the penalties of perjury.