Bill Text: NY A02685 | 2013-2014 | General Assembly | Introduced
Bill Title: Establishes certain educational requirements, and directs and authorizes the superintendent to establish a mortgage broker licensing exam.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2013-12-06 - enacting clause stricken [A02685 Detail]
Download: New_York-2013-A02685-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
2685
2013-2014 Regular Sessions
I N A S S E M B L Y
January 17, 2013
___________
Introduced by M. of A. GIBSON -- read once and referred to the Committee
on Banks
AN ACT to amend the banking law, in relation to establishing certain
educational requirements through rules and regulations promulgated by
the department of financial services, and directs and authorizes the
superintendent to establish a mortgage broker licensing exam
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph (d) of subdivision 3 of section 590 of the bank-
2 ing law, as amended by chapter 472 of the laws of 2008 and as relettered
3 by chapter 507 of the laws of 2009, is amended to read as follows:
4 (d) Such rules and regulations [as may define the terms used in this
5 article and as may be necessary and appropriate to interpret and imple-
6 ment the provisions of this article] ESTABLISHING MINIMUM EDUCATIONAL
7 REQUIREMENTS FOR ALL MORTGAGE BROKERS; and
8 S 2. Subdivision 1 of section 592-a of the banking law, as amended by
9 section 18 of part D-1 of chapter 109 of the laws of 2006 and as further
10 amended by section 104 of part A of chapter 62 of the laws of 2011, is
11 amended to read as follows:
12 1. Upon the filing of an application for registration, if the super-
13 intendent shall find that the APPLICANT HAS MET ALL EDUCATIONAL REQUIRE-
14 MENTS ESTABLISHED BY THE DEPARTMENT, HAS FURNISHED PROOF THAT THE APPLI-
15 CANT HAS PASSED THE LICENSING EXAMINATION FOR MORTGAGE BROKERS
16 ESTABLISHED BY THIS ARTICLE, AND THAT THE financial responsibility,
17 experience, character, and general fitness of the applicant, and of the
18 members thereof if the applicant is a co-partnership or association, and
19 of the officers and directors thereof if the applicant is a corporation,
20 are such as to command the confidence of the community and to warrant
21 belief that the business will be operated honestly, fairly, and effi-
22 ciently within the purpose of this article, the superintendent shall
23 thereupon register the applicant as a mortgage broker on a roll main-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03745-01-3
A. 2685 2
1 tained for that purpose at the department of financial services, and
2 issue a certificate attesting to such registration in duplicate. If the
3 superintendent shall not so find, the superintendent shall not register
4 such applicant, and shall notify the applicant of the denial. The super-
5 intendent shall transmit one copy of such certificate to the applicant
6 and file another in the office of the department of financial services.
7 Upon receipt of such certificate a mortgage broker shall be authorized
8 to engage in the business of placing, processing and negotiating mort-
9 gage loans. Such registration shall remain in full force and effect
10 until it is surrendered by the licensee or revoked or suspended as here-
11 inafter provided, except that such registration, notwithstanding any
12 provisions of subdivision five of section seventeen of this chapter to
13 the contrary, shall expire upon the registrant's failure to pay the
14 required assessment charged pursuant to such section seventeen thirty
15 days after the date or dates such payment or payments are due. If the
16 registrant fails to pay such charged assessment by the date or dates
17 such payment or payments are due, then the registrant shall be required
18 to pay, in addition, a late fee in the amount of one hundred dollars.
19 Such registration shall be reinstated if the registrant pays such
20 assessment charged and any applicable late fees and/or interest within
21 sixty days of such expiration. The superintendent shall approve or deny
22 every application for registration hereunder within ninety days from the
23 filing of a complete application provided, however, that failure to act
24 within the prescribed period shall not be deemed approval of any such
25 application.
26 S 3. The banking law is amended by adding a new section 592-b to read
27 as follows:
28 S 592-B. MORTGAGE BROKER LICENSING EXAMINATION. THE SUPERINTENDENT IS
29 HEREBY DIRECTED AND AUTHORIZED TO ESTABLISH A MORTGAGE BROKER LICENSING
30 EXAMINATION AND SHALL PROMULGATE RULES AND REGULATIONS REGARDING SUCH
31 EXAMINATION, INCLUDING BUT NOT LIMITED TO THE TIME, DATE AND MANNER IN
32 WHICH SUCH EXAMINATION SHALL BE GIVEN.
33 S 4. This act shall take effect immediately.
