N.Y. Comp. Codes R. & Regs. tit. 3 § 39.3

Current through Register Vol. 46, No. 45, November 2, 2024

Section 39.3 - General provisions

(a) An entity not exempt by New York law which shall otherwise not establish its exempt status in accordance with this Part shall become licensed or registered in accordance with the procedures described in Part 410 of this Title prior to April 1, 1988. Entities exempt under a prior version of this Part that are no longer exempt shall file an application to become licensed or registered prior to April 3, 2012 and shall become licensed or registered by July 2, 2012, or such later date as the superintendent may approve for good cause.

(b) An exempt organization shall not be relieved of the advertising, solicitation, application and commitment procedures and disclosure requirements set forth in article 12-D of the Banking Law and Part 38 of this Title or the penalties for violations of such requirements set forth in the Banking Law. An entity exempt from licensing or registration as a mortgage banker or mortgage broker shall not be subject to periodic examination by the department but may at any time become subject to special investigation. Accordingly, consistent with section 597 of the Banking Law, each such entity shall keep its books and records in a manner which will allow the superintendent to determine whether such entity is complying with the advertising, solicitation, application and commitment procedures and disclosure requirements prescribed in Part 38 of this Title, except for books and records relating to exempt products. Information and forms regarding recordkeeping can be obtained at: Department of Financial Services, Mortgage Banking Unit at the address set forth in section 1.1 of Supervisory Policy G 1 of this Title. Books and records shall be available for inspection by the superintendent in accordance with superintendent's regulation Part 410 of this Title.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 39.3