With the prior approval of the superintendent, an MLO may surrender a MLO license by delivering to the superintendent written notice that he or she intends to surrender such license. A MLO license may be surrendered only by the licensed individual named on the license. An originating entity that employs an MLO or with which an MLO is affiliated may not surrender the license of such MLO.

The instructions for surrender shall be posted on the department’s website (www.dfs.ny.gov).

Surrender of an MLO license shall not affect the civil or criminal liability of the MLO or the MLO’s originating entity for acts committed prior to such surrender or the obligations to the superintendent of the MLO or the MLO’s originating entity for assessments, fees or administrative actions with respect to the periods before such surrender.

No surrender of an MLO’s license shall impair or affect the obligation of any preexisting lawful contract between any originating entity of such MLO and any person.