(a) Section 599-c of the Banking Law provides that no individual, unless exempt, shall engage in mortgage loan originating without first obtaining and maintaining a license from the Superintendent of Financial Services (formerly the Superintendent of Banks) pursuant to article 12-E of the Banking Law. This regulation implements the superintendent’s authority to license mortgage loan originators.

(b) Section 599-n of the Banking Law authorizes the superintendent to revoke a license to engage in mortgage loan originating. In addition, sections 599-i and 599-n set out the circumstances under which a license will be terminated by operation of law.