3 CRR-NY SP MB 103.1NY-CRR
3 CRR-NY Sup. Proc. MB 103.1
3 CRR-NY SP MB 103.1
103.1 General information.
(a) General requirements.
Any person or entity seeking to acquire control of a mortgage banker under section 594-b of the Banking Law shall submit to the Superintendent of Financial Services (“superintendent”) an application on Form MB-103 containing the information and documents required by section 103.4 of this Supervisory Procedure, accompanied by payment of the fee specified in section 1.2 of Supervisory Policy G 1 of this Title. A separate check that may be either certified, bank check or money order payable to the "New York State Department of Financial Services" to cover the processing of the New York State and FBI fingerprints cards is to be included. The application, questionnaires and other related documents shall be filed in duplicate under oath with Mortgage Banking Division of the Department of Financial Services (“department”).
(b) Time periods.
All of the information and documents required to be submitted by an applicant pursuant to this Supervisory Procedure shall be supplied to the superintendent. The statutory period for approval or disapproval set forth in section 594-b(2) of the Banking Law shall commence on the date that the department has received both the applicable filing fee and an application determined by the department to be complete and prepared in accordance with this Supervisory Procedure.
(c) Execution.
Each copy of the application shall be signed by the applicant. If the applicant is a partnership, corporation, trust or other entity, the application shall be signed by a partner, authorized executive officer or trustee as applicable. A corporate applicant shall submit a copy of the corporate resolution authorizing the officer to sign the application on behalf of the corporation. Each person signing the application shall:
(1) certify that the superintendent will be promptly advised of any changes which may occur in the information furnished in the application subsequent to the date upon which the information was furnished; and
(2) affirm, under penalty of perjury, that the application was reviewed and that the application does not make any untrue statement of a material fact or omit any material fact necessary in order that the application not be misleading. If the application is executed outside of New York State, a county clerk's certificate authenticating the signatures of the notaries taking the acknowledgements must be affixed to the application.
(d) Additional information and in-person conferences.
The superintendent reserves the right to require additional information in connection with the application. In the absence of a showing of undue hardship, the superintendent may also require that the applicant and any officers, directors and/or representatives of the applicant appear at the department for conferences. The applicant may submit any additional information it deems pertinent to the application.
(e) Notification.
If, as a result of the acquisition, there will be changes in the locations where the examination of the mortgage banker is to be conducted or other address changes involving the location of the items listed below, Mortgage Banking Division should be notified at the time of application or as soon as the decision to make the change has been made:
(1) examination;
(2) mortgage files;
(3) accounting records;
(4) executive offices;
(5) internal auditing department;
(6) servicing department;
(7) mailing address;
(8) person in overall charge;
(9) person in charge of New York operations;
(10) contact for regulatory matters;
(11) contact for financial matters.
3 CRR-NY SP MB 103.1
Current through March 31, 2022
| End of Document |
IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.