N.Y. Comp. Codes R. & Regs. tit. 3 § 420.1

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

Section 420.1 - Mortgage loan originator license and revocation

(a) Section 599-c of the Banking Law provides that no individual, unless exempt, shall engage in mortgage loan originating without first obtaining and maintaining a license from the Superintendent of Financial Services (formerly the Superintendent of Banks) pursuant to article 12-E of the Banking Law. This regulation implements the superintendent's authority to license mortgage loan originators.

(b) Section 599-n of the Banking Law authorizes the superintendent to revoke a license to engage in mortgage loan originating. In addition, sections 599-i and 599-n set out the circumstances under which a license will be terminated by operation of law.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 420.1

Adopted, New York State Register October 1, 2014/Volume XXXVI, Issue 39, eff.10/1/2014