§ 592 — Application process to receive license to engage in the business of mortgage banking

§ 592. Application process to receive license to engage in the\nbusiness of mortgage banking. 1. Upon the filing of an application for a\nlicense, if the superintendent shall find that the financial\nresponsibility, experience, character, and general fitness of the\napplicant and of the members thereof if the applicant is a\nco-partnership or association, and of the officers and directors thereof\nif the applicant is a corporation are such as to command the confidence\nof the community and to warrant belief that the business will be\noperated honestly, fairly, and efficiently within the purpose of this\narticle, the superintendent shall thereupon issue a license in duplicate\nto engage in the business of making mortgage loans described in section\nfive hundred ninety of this article in accordance with provisions of\nthis article. If the superintendent shall not so find, the\nsuperintendent shall not issue such license, and the superintendent\nshall notify the applicant of the denial. The superintendent shall\ntransmit one copy of such license to the applicant and file another in\nthe office of the department of financial services. Upon receipt of such\nlicense, a mortgage banker shall be authorized to engage in the business\nof making mortgage loans in accordance with the provisions of this\narticle. Such license shall remain in full force and effect until it is\nsurrendered by the licensee or revoked or suspended as hereinafter\nprovided. The superintendent shall approve or deny every application for\nlicense hereunder within ninety days from the filing of a completed\napplication provided, however, that failure to act within the prescribed\nperiod shall not be deemed approval of any such application.\n 2. The superintendent may refuse to issue a license pursuant to this\narticle if he or she shall find that the applicant, or any person who is\na director, officer, partner, agent, employee, substantial stockholder\nof the applicant, consultant or person having a relationship with the\napplicant similar to a consultant, (a) has been convicted of a crime\ninvolving an activity which is a felony under this chapter or under\narticle one hundred fifty-five, one hundred seventy, one hundred\nseventy-five, one hundred seventy-six, one hundred eighty, one hundred\neighty-five, one hundred eighty-seven, one hundred ninety, two hundred,\ntwo hundred ten or four hundred seventy of the penal law or any\ncomparable felony under the laws of any other state or the United\nStates, provided that such crime would be a felony if committed and\nprosecuted under the laws of this state or (b) has had a license or\nregistration revoked by the superintendent or (c) has been a director,\npartner, or substantial stockholder of an entity which has had a license\nor registration revoked by the superintendent or (d) has been an agent,\nemployee or officer of an entity, or a consultant to, or person having\nhad a similar relationship with, any entity which has had a license or\nregistration revoked by the superintendent where such person shall have\nbeen found by the superintendent to bear responsibility in connection\nwith the revocation. The term "substantial stockholder", as used in this\nsubdivision, shall be deemed to refer to a person owning or controlling\ndirectly or indirectly ten per centum or more of the total outstanding\nstock of a corporation.\n