N.Y. Banking Law § 599-d: State license application

§ 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.