2021 New York Laws
BNK - Banking
Article 12-E - 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.