Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to banks |
May 16, 2013 |
referred to banks |
Senate Bill S5450
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2013-S5450 (ACTIVE) - Details
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd ยง595, Bank L
2013-S5450 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5450 TITLE OF BILL: An act to amend the banking law, in relation to suspending the license of mortgage bankers and brokers for cause PURPOSE: To make the suspension and revocation process for mortgage bankers and mortgage brokers more effective and more efficient. SUMMARY OF PROVISIONS: The bill amends Section 595 of the Banking Law to modify the process for suspending or revoking the authorization of a mortgage banker or mortgage broker. The bill allows the Superintendent to suspend a license or registration without having to hold a hearing in cases where the entity has failed to make a required payment to the Department, failed to submit a required report to the Department, failed to maintain a required surety bond or line of credit, or has filed a bankruptcy petition. If the deficiency has not been cured within 90 days, the license or registration is automatically terminated. It allows suspension for a maximum of 60 days pending investigation. The bill also provides that a license or registration may be surrendered only with the prior approval of the Superintendent.
2013-S5450 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5450 2013-2014 Regular Sessions I N S E N A T E May 16, 2013 ___________ Introduced by Sen. FARLEY -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to suspending the license of mortgage bankers and brokers for cause THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 595 of the banking law, as amended by chapter 571 of the laws of 1986, paragraph (a) of subdivision 1 as further amended by section 104 of part A of chapter 62 of the laws of 2011, paragraph (c) of subdivision 1 as amended and paragraph (d) of subdivision 1 as added by chapter 164 of the laws of 2003, subdivision 2 as amended by chapter 121 of the laws of 1993, subdivision 3 as amended by chapter 516 of the laws of 1996, subdivisions 4, 5 and 6 as amended and subdivisions 4-a and 7-a as added by chapter 400 of the laws of 1993, is amended to read as follows: S 595. Grounds for suspension or revocation of license, or suspension or deletion of name from mortgage broker roll. 1. [The] IN ADDITION TO THE AUTHORITY SET FORTH IN SUBDIVISION TWO OF THIS SECTION, THE super- intendent may SUSPEND OR revoke any license to engage in the business of a mortgage banker issued pursuant to this article or SUSPEND OR delete the name of a mortgage broker [from the roll of mortgage brokers] OR A MORTGAGE LOAN SERVICER registered pursuant to this article (EACH REFERRED TO IN THIS SECTION AS A REGISTRANT) if he OR SHE shall find AFTER NOTICE AND A HEARING, that: (a) Through a course of conduct, the licensee or registrant has violated any provisions of this article, or any rule or regulation promulgated by the superintendent of financial services, or any rule or regulation prescribed by the superintendent under and within the author- ity of this article or of any other law, rule or regulation of this state or the federal government; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11093-01-3
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