N.Y. Comp. Codes R. & Regs. tit. 3 § 105.4

Current through Register Vol. 46, No. 43, October 23, 2024

Section 105.4 - Application and undertaking

(a) General requirements. Any mortgage broker seeking to effectuate a change to an inactive status shall file a letter application with the superintendent requesting the change in status and explaining the reason for such request. The application shall be accompanied by the existing valid registration certificate, which will be returned stamped inactive, and an undertaking to the superintendent containing the following provisions:

(1) that the general assessment charged for each year of such inactive status is to be paid pursuant to sections 17 and 591-a(1) of the New York Banking Law;

(2) that at the superintendent's discretion the inactive broker continues to be subject to an examination of its books and records, the cost of which will be borne by the mortgage broker;

(3) that a written notification of intent to resume business will be filed with the superintendent at least 30 days prior to the resumption of business along with the registration certificate stamped inactive;

(4) that the superintendent will be immediately notified of any change in the official address of record of the mortgage broker;

(5) that the superintendent will be immediately notified of any change in the telephone number of record of the mortgage broker; and

(6) that an annual certification of inactive status shall be filed with the superintendent on a form provided by the Mortgage Banking Division.

(b) Publications. The superintendent shall publish receipt of the application in the Banking Department's weekly bulletin.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 105.4