3 CRR-NY SP MB 107.5NY-CRR
3 CRR-NY Sup. Proc. MB 107.5
3 CRR-NY SP MB 107.5
107.5 Inactive status.
(a) An MLO may not engage in mortgage loan originating during any period when the MLO is not employed by or affiliated with a mortgage broker or mortgage banker registered or licensed pursuant to article 12-D of the Banking Law. During such period the mortgage loan originator license shall be placed in inactive status and shall remain in inactive status until the superintendent receives written or electronic notice of the MLO's new employment or affiliation with an originating entity.
(b) An MLO may renew his or her license while in inactive status as long as the MLO pays the renewal fee and complies with the education requirements of article 12-E.
3 CRR-NY SP MB 107.5
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.