senate Bill S5450

2013-2014 Legislative Session

Relates to the authority of the superintendent to suspend the license of a mortgage banker or broker for cause

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to banks
May 16, 2013 referred to banks

S5450 - Details

Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd ยง595, Bank L

S5450 - Summary

Authorizes the superintendent of financial services to suspend the license of a mortgage banker or broker for cause.

S5450 - Sponsor Memo

S5450 - 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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