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This entry was published on 2014-09-22
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Required records and reporting
§ 599-m. Required records and reporting. 1. Educational records. Each
originating entity shall obtain and retain acceptable documentation of
the satisfactory completion of education courses required pursuant to
this article by each mortgage loan originator employed by or affiliated
with such originating entity and shall provide such documentation at the
request of the superintendent. Such documentation shall be retained by
an originating entity for six years. An originating entity shall retain
a copy of any original proof or record of completion provided by a
mortgage loan originator. In those instances when an originating entity
also retains the original proof or record of such completion of any then
applicable education requirement, such originating entity shall provide
the original proof or record, upon request, when a mortgage loan
originator terminates or has terminated his or her employment or
affiliation with the originating entity.

2. List of licensed mortgage loan originators. The superintendent
shall maintain upon the internet web-page of the department a list of
the mortgage loan originators licensed and in good standing. Such list
shall indicate the name, license number and current originating entity,
if any, employing each mortgage loan originator or with whom such
mortgage loan originator is affiliated.

3. Reports by originating entities. Each originating entity shall on a
quarterly basis in each calendar year provide the superintendent, in
written or electronic form, with a list of the mortgage loan originators
employed by, or affiliated with, such originating entity and shall also
advise in such report of any dismissal for cause of a mortgage loan
originator employed by, or affiliated with, such originating entity
during such quarter, which is due or based upon an alleged violation of
this chapter or any law involving real property.

4. Reports by mortgage loan originators. Each mortgage loan originator
shall promptly notify the superintendent of the following:

(a) A change in his or her primary residence address;

(b) Any felony conviction or pending felony charges; any charge of or
conviction with respect to a misdemeanor involving financial services or
a financial services related business; or any charge or conviction
involving fraud, false statements or omissions, theft or wrongful taking
of property, bribery, perjury, forgery or extortion subsequent to
initial authorization;

(c) Any termination of or resignation from employment of affiliation
with an originating entity;

(d) Any initiation, settlement or resolution of any complaint, action
or proceeding brought against him or her by a state or federal
governmental unit or self-regulatory organization in connection with a
financial services-related activity or business or involving fraud,
misrepresentation, consumer deception, larceny or perjury;

(e) Any initiation, settlement or resolution of any other civil action
or proceeding against him or her involving fraud, misrepresentation,
larceny or perjury; and

(f) Any other matters as directed by the superintendent.