(a) In addition to such applications and investigation fees as may be required under Banking Law article 12-D to establish any branches, with respect to any branch, as defined in section 38.1 of this Part, a particular person shall be designated as being responsible for the operation thereof. In addition, such branch stationery, if any, shall include the address and telephone number of the branch or the main office at the licensee's or registrant's option and must use the name of the licensee or registrant. The foregoing requirements shall not apply to mortgage brokers or mortgage bankers having more than 10 branches in New York State.

(b) A licensee or registrant shall not permit the establishment of or the maintenance of a net branch.

(c) Any employee, independent contractor or consultant who works from a place other than a branch as defined in section 38.1 of this Part shall be assigned to a specific branch location for purposes of managerial and regulatory oversight. All applicants and borrowers who interact with such employee, independent contractor or consultant must be provided with complete contact information for the branch location to which the employee, independent contractor or consultant is assigned. All documents pertaining to an application and the correspondent loan, if any, which involve such employee, independent contractor or consultant must go through the branch location to which the employee, independent contractor or consultant is assigned.