2013 New York Consolidated Laws
BNK - Banking
Article 12-E - (599-A - 599-R) LICENSED MORTGAGE LOAN ORIGINATORS
599-D - State license application.

 
    § 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 content as set forth by
  rule, regulation, instruction or procedure of the superintendent and may
  be changed or updated as necessary by the  superintendent  in  order  to
  carry  out the purposes of this article. As part of such application and
  notwithstanding section eighteen-a of this chapter,  the  applicant  (or
  his  or  her originating entity on his or her behalf) shall pay a fee as
  determined by the superintendent as an investigation and initial license
  fee; provided, however, that the investigation portion of such fee shall
  be no more than the superintendent's reasonable estimate of  the  actual
  cost  or  costs to the department to undertake such investigation of the
  applicant, and the initial license portion of such fee  and  the  annual
  license  fee  as  hereafter required pursuant to this article shall be a
  license fee amount determined by the superintendent.
    2. Charges to originating entities. Any expense of the  administration
  of  this  article  with  respect  to  the  licensing  of  mortgage  loan
  originators that is included with an assessment of originating  entities
  pursuant  to section seventeen of this chapter shall be levied only upon
  such originating entities having employed or  affiliated  mortgage  loan
  originators that are required to be licensed.
    3.  Fee  collection by the NMLSR. Any fee established pursuant to this
  section may be collected by the  NMLSR  and  include  a  processing  fee
  charged  by  that entity. Any such processing fees shall not be remitted
  to the superintendent and shall not be deemed revenue pursuant  to  this
  section or the state finance law.
    4.  Relationship  with NMLSR. In order to fulfill the purposes of this
  article, the superintendent is authorized to  establish  contracts  with
  the  NMLSR  or  other  entities  designated  by the NMLSR to collect and
  maintain records and process transaction fees or other fees  related  to
  licensees or other persons subject to this article.
    5.  Waiver  or  modification  of  requirements.  The superintendent is
  authorized to waive or modify, in whole or part, by rule, regulation  or
  order,  any  and  all  requirements of this article and to establish new
  requirements as may be reasonably necessary to participate in the  NMLSR
  or  to  comply  with Title V of The Housing and Economic Recovery Act of
  2008, also known as the S.A.F.E. Mortgage Licensing Act, as  it  may  be
  amended from time to time, and regulations thereunder or interpretations
  thereof,  that  may be adopted from time to time by the Secretary of the
  U.S. Department of Housing and Urban Development.
    6. Electronic filing.  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, a license  or  for  any
  other submission or approval as may be required by this article, be made
  or  executed  by  electronic means, including through the NMLSR or other
  entities designated by the NMLSR if he or  she  deems  it  necessary  to
  ensure the efficient and effective administration of this article.
    7.  NMLSR  as agent to distribute criminal background information. For
  the purposes of this section and in order to expedite the processing  of
  all fingerprints, the superintendent is authorized to use the NMLSR as a
  channeling  agent  for  requesting  information  from  and  distributing
  information to the  U.S.  Department  of  Justice  or  any  governmental
  agency.
    8.  NMLSR  as agent to distribute non-criminal background information.
  For the purposes of this section and in order to expedite the processing
  of all applications, including obtaining independent credit reports  and
  information related to administrative, civil or criminal findings by any
  governmental  jurisdiction,  the superintendent is authorized to use the

  NMLSR as a channeling agent for requesting and distributing  information
  to and from any source.
    9.  Background  information.  In  connection  with  an application for
  licensing as a mortgage loan  originator,  the  applicant  shall,  at  a
  minimum, furnish to the NMLSR and the superintendent, as required by the
  superintendent,   information   concerning   the  applicant's  identity,
  including:
    (a)  Fingerprints  for   submission   to   the   Federal   Bureau   of
  Investigation,  and  any  governmental  agency  or  entity authorized to
  receive  such  information  for  a  state,  national  and  international
  criminal   history  background  check,  as  may  be  designated  by  the
  superintendent; and
    (b) Personal history and experience in a form prescribed by the NMLSR,
  including the submission of authorization for the NMLSR to obtain:
    (i) an independent credit report  from  a  consumer  reporting  agency
  described in section 603(p) of the Fair Credit Reporting Act; and
    (ii)  information  related  to  any  administrative, civil or criminal
  findings by any governmental jurisdiction.
    (c) The current business name and principal address of the originating
  entity employing the applicant  or  with  which  the  applicant  has  an
  affiliation; and
    (d)  Such  other  pertinent  information  as  the  superintendent  may
  require.