N.Y. Banking Law § 599-i: Standards for license renewal; inactive status

§ 599-i. Standards for license renewal; inactive status. 1. Standards

for renewal. The following minimum standards for license renewal for

mortgage loan originators are hereby established:

(a) The mortgage loan originator must continue to meet the minimum

standards for license issuance set forth in section five hundred

ninety-nine-e of this article;

(b) The mortgage loan originator must satisfy the annual continuing

education requirements described in section five hundred ninety-nine-j

of this article; and

(c) The mortgage loan originator must have paid all required fees for

the renewal of the license.

2. Failure to satisfy standards. The license of a mortgage loan

originator failing to satisfy the minimum standards for renewal shall

terminate. In the event the licensed mortgage loan originator fails to

pay such fee or otherwise satisfy this section, then the department

shall notify the originating entity of the termination of the license.

Such license shall be reinstated, in the case of a licensed mortgage

loan originator failing to timely pay such fee, if such licensed

mortgage loan originator pays such fee within sixty days of such due

date.

3. Submission of annual request. An annual request for renewal of a

license as a mortgage loan originator shall be affirmed by the mortgage

loan originator and submitted electronically, including through the

NMLSR, in such form and in such manner as may be prescribed by the

superintendent. The annual request for renewal shall contain such

information as specified by the superintendent.

4. Inactive status. The license of a mortgage loan originator is not

effective during any period during which the mortgage loan originator is

not employed by, or is an independent contractor of, an originating

entity. When a mortgage loan originator ceases to be employed by, or is

an independent contractor of, an originating entity, the originating

entity shall promptly notify the superintendent of the termination date

of such employment or affiliation. The license of such mortgage loan

originator shall be placed in inactive status until the superintendent

receives written or electronic notice of the mortgage loan originator's

new employment or affiliation. A mortgage loan originator shall continue

to pay the annual license fee and to take required education courses

while in inactive status.