2013 New York Consolidated Laws
BNK - Banking
Article 12-E - (599-A - 599-R) LICENSED MORTGAGE LOAN ORIGINATORS
599-I - Standards for license renewal; inactive status.

 
    §  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.