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3 CRR-NY 410.10NY-CRR

STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK

TITLE 3. BANKING

CHAPTER III. SUPERINTENDENT'S REGULATIONS

SUBCHAPTER B. NON-BANKING ORGANIZATIONS

PART 410. MORTGAGE BANKERS: LICENSING REQUIREMENTS; MORTGAGE BROKERS: REGISTRATION REQUIREMENTS; BRANCH APPLICATIONS: NOTIFICATIONS: BOOKS AND RECORDS; ANNUAL REPORTS; SURETY BONDS; AND CONSULTANTS OF LICENSED MORTGAGE BANKERS AND REGISTERED MORTGAGE BROKERS

3 CRR-NY 410.10

410.10 Deposit agreement; certificate of licensee or registrant.

Any mortgage banker or mortgage broker, which elects to deposit assets pursuant to section 410.10 of this Part, shall execute with the depository a deposit agreement on a form obtained from the Mortgage Banking Division of the department or such other form as is satisfactory to the superintendent. An executed copy of such deposit agreement shall be filed with the superintendent. As part of this deposit agreement, the mortgage banker or mortgage broker shall agree that prior to the release or substitution of any assets subject to the deposit agreement, the mortgage banker or mortgage broker shall file a certificate with the depository which shall specify the following:

(a) the complete title of each security being withdrawn;

(b) the complete title of each security being deposited in place thereof;

(c) the interest rate, series, serial number (if any), face value maturity date, call date, principal amount and market value of each replacement security;

(d) the aggregate principal amount of all such replacement securities;

(e) the amount, if any, of the funds being withdrawn or deposited; and

(f) certify that any securities being deposited in exchange for securities being withdrawn comply as to type with the provisions of subdivision 4 of section 591 of the Banking Law, and that, after giving effect to the exchange, the aggregate amount of all securities and funds remaining on deposit by the licensed mortgage banker or registered mortgage broker, based in the case of such securities upon the principal amount or market value, whichever is lower, is at least equal to the amount required in section 410.9 of this Part for mortgage bankers, or section 410.15 of this Part for mortgage brokers.

In addition, as part of this deposit agreement, the licensee shall agree that the superintendent may revoke the authority of the depository to pay dividends or interest on the securities, funds or other assets deposited pursuant to this deposit agreement.

3 CRR-NY 410.10

Current through March 31, 2022

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