Pursuant to Banking Law, section 591(4), a mortgage banker may, in lieu of filing a corporate surety bond pursuant to section 410.9 of this Part, elect to deposit assets with a value of $50,000 to $500,000, in accordance with the requirements of section 410.9 of this Part, valued at the lower of principal amount or market value in a New York State chartered commercial bank, trust company, savings bank, savings and loan association or a national bank, Federal savings bank or Federal savings and loan association in the State of New York. Pursuant to Banking Law, section 591-a, a mortgage broker may, in lieu of filing a corporate surety bond pursuant to section 410.15 of this Part, elect to deposit assets with a value of $10,000 to $100,000, in accordance with the requirements of section 410.15 of this Part, valued at the lower of principal amount or market value in a New York State chartered commercial bank, trust company, savings bank, savings and loan association or a national bank, Federal savings bank or Federal savings and loan association in the State of New York. No such deposit shall be made until the deposit agreement referred to in section 410.11 of this Part has been approved by the superintendent.