Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 599-D
State license application
Banking (BNK) CHAPTER 2, ARTICLE 12-E
§ 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.