3 CRR-NY SP MB 107.3NY-CRR
3 CRR-NY Sup. Proc. MB 107.3
3 CRR-NY SP MB 107.3
107.3 Application for initial license.
(a) Application requirements.
Each applicant for a license as an MLO shall submit the following documents as part of his or her application:
(1) A completed application form, in the form prescribed by the superintendent, a copy of which is available on the department's website, which application shall be attested to by the applicant. An individual who was engaged in mortgage loan origination activities as of July 11, 2009, and who filed an application pursuant to the prior version of article 12-E shall update his or her background information upon request by the superintendent. For all such applicants, the superintendent shall indicate when information regarding prior education, testing and bonding requirements must be submitted.
(2) Two fingerprint cards with fingerprint certification, which shall be submitted to the address specified in section 107.2(a) of this Supervisory Procedure. When required by the superintendent, an applicant who has previously submitted his or her fingerprint cards also shall submit his or her fingerprints through the NMLS.
(3) The prescribed fee, which shall be submitted electronically together with the application. A schedule of fees and a list of acceptable forms of payment shall be available at the department's website (www.dfs.ny.gov). The fee shall consist of:
(i) an investigation fee of $125;
(ii) a fingerprint processing fee charged by the State Division of Criminal Justice Services and established pursuant to article 35 of the Executive Law. If the NMLS develops the capacity to process fingerprints through the FBI, the superintendent may as noted above require the applicant to submit a new set of fingerprints in the form required by the NMLS and to pay any processing fees required by the FBI and the NMLS;
(iii) a processing fee charged by the NMLS; and
(iv) an initial license fee of $50.
If the application is rejected or withdrawn, none of these fees will be refunded.
(4) The applicant's credit report, which shall have been issued by a recognized credit reporting agency no more than 30 days prior to the date that the application is submitted. If the NMLS develops the capacity to process credit reports through the NMLS, the superintendent may require an applicant to submit his or her credit report through the NMLS and to pay any processing fees required by the NMLS.
(5) An affidavit in the form prescribed by the superintendent and subscribed by the applicant under penalty of perjury stating that:
(i) the applicant will promptly advise the superintendent of any changes that occur in the information furnished in the application after the application is submitted; and
(ii) the applicant has personally reviewed the application and certifies that the application does not contain any untrue statement or omission of any material fact.
(b) Additional information and in-person conferences.
The superintendent may require additional information in connection with the application for initial license, in order to determine the applicant's character and fitness. 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 originating entity with which the applicant is employed or affiliated appear at the department to present such information. The applicant may submit any additional information the applicant deems pertinent to the application for initial license.
(c) Incomplete application.
(1) No application shall be deemed to be complete until the superintendent has received all required information, documents and fees. If an application is determined by the superintendent to be incomplete, the superintendent will send written notification to the applicant indicating the items that must be addressed in order for the department to continue the application review process.
(2) If a complete response fully addressing all such items is not received by the Department of Financial Services within 30 days of the sending of such notice, the superintendent may consider the application withdrawn.
(3) Any individual seeking an initial license following withdrawal of an application shall submit a new application that includes all required information, documents and fees.
3 CRR-NY SP MB 107.3
Current through March 31, 2022
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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.