N.Y. Comp. Codes R. & Regs. tit. 3 § 410.15

Current through Register Vol. 46, No. 25, June 18, 2024

Section 410.15 - Release of corporate surety bond or deposit of assets

If a claim is not made against the surety bond or deposit of assets held pursuant to sections 591(4) and 591-a(3) of the Banking Law within six months of the insolvency, liquidation, bankruptcy of the mortgage banker or broker, or the expiration, surrender or revocation of the mortgage banker's license or mortgage broker's registration, or where the superintendent takes possession of the mortgage banker or broker, the superintendent shall release any corporate surety bond or deposit of assets. Provided that the proceeds of the bond or deposit of assets shall have been first applied to:

(a) all consumer fees determined by the superintendent to be improperly charged or collected by said mortgage banker or mortgage broker; and

(b) all Banking Department examination costs and assessments outstanding against said mortgage banker or mortgage broker. Nothing contained herein shall prevent the superintendent from continuing to retain possession of the bond or its proceeds or the deposit of assets in the event of ongoing litigation involving the mortgage banker or mortgage broker.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 410.15