N.Y. Comp. Codes R. & Regs. tit. 3 § 101.1

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

Section 101.1 - General information

(a) General requirements. Any person or entity seeking to engage in the business of making five or more mortgage loans in any one calendar year shall submit to the superintendent an application on Form MB-101 containing the information and documents required by section 101.4 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 Banking Department" 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 the Mortgage Banking Division of the Banking 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 592 of the Banking Law shall commence on the date that the Banking Department has received both the applicable filing fee and an application determined by the Banking 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 controlling member, 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.

(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 Banking Department for conferences. The applicant may submit any additional information it deems pertinent to the application.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 101.1