§ 595 — Grounds for suspension or revocation of license, or suspension or deletion of name from mortgage broker roll

New York § 595

• Jurisdiction: New York
• Law BNK: Banking
• Art. 12-D: Licensed Mortgage Bankers

Text

§ 595. Grounds for suspension or revocation of license, or suspension\nor deletion of name from mortgage broker roll. 1. The superintendent may\nrevoke any license to engage in the business of a mortgage banker issued\npursuant to this article or delete the name of a mortgage broker from\nthe roll of mortgage brokers registered pursuant to this article if he\nshall find that:\n (a) Through a course of conduct, the licensee or registrant has\nviolated any provisions of this article, or any rule or regulation\npromulgated by the superintendent of financial services under and within\nthe authority of this article or of any other law, rule or regulation of\nthis state or the federal government;\n (b) Any fact or condition exists which, if it had existed at the time\nof the original application for such license or registration, would have\nwarranted the superintendent in refusing originally to issue such\nlicense;\n (c) The commission by a licensee or registrant of a crime against the\nlaws of this state or any other state or of the United States involving\nmoral turpitude or fraudulent or dishonest dealing, or the entry of a\nfinal judgment against a licensee or registrant in a civil action upon\ngrounds of fraud, misrepresentation or deceit;\n (d) As a part of such determination regarding suspension or\nrevocation, the superintendent is authorized to require the\nfingerprinting of any licensee or registrant. Such fingerprints shall be\nsubmitted to the division of criminal justice services for a state\ncriminal history record check, as defined in subdivision one of section\nthree thousand thirty-five of the education law, and may be submitted to\nthe federal bureau of investigation for a national criminal history\nrecord check.\n 2. The superintendent may, on good cause shown, or where there is a\nsubstantial risk of public harm, suspend any license or delete the name\nof any registrant for a period not exceeding thirty days, pending\ninvestigation. "Good cause", as used in this subdivision, shall exist\nonly when the licensee or registrant has defaulted or is likely to\ndefault in performing its financial engagements or engages in dishonest\nor inequitable practices which may cause substantial harm to the persons\nafforded the protection of this article.\n 3. Except as provided in subdivision two of this section, no license\nor registration shall be revoked or suspended except after notice and a\nhearing thereon. Any order of suspension issued after notice and a\nhearing may include as a condition of reinstatement that the licensee or\nregistrant make restitution to consumers of fees or other charges which\nhave been improperly charged or collected as determined by the\nsuperintendent.\n 4. Any licensee or registrant may surrender any license or certificate\nby delivering to the superintendent written notice that it thereby\nsurrenders such license or certificate, but such surrender shall not\naffect such licensee's or registrant's civil or criminal liability for\nacts committed prior to such surrender. If such surrender is made after\nthe issuance by the superintendent of a statement of charges and notice\nof hearing, the superintendent may proceed against the licensee or\nregistrant as if such surrender had not taken place.\n 4-a. An expiration of registration in accordance with section five\nhundred ninety-two-a of this article shall not affect such registrant's\ncivil or criminal liability for acts committed prior to such\nexpirations. If such expiration occurs after the issuance by the\nsuperintendent of a statement of charges and notice of hearing, the\nsuperintendent may proceed against the registrant as if such expiration\nhad not taken place.\n 5. No revocation, suspension, surrender or expiration of any license\nor certificate shall impair or affect the obligation of any preexisting\nlawful contract between the licensee or registrant and any person.\n 6. Every license or registration issued pursuant to this article shall\nremain in force and effect until the same shall have expired in\naccordance with section five hundred ninety-two-a of this article or\nshall have been surrendered, revoked or suspended in accordance with any\nother provisions of this article, but the superintendent shall have\nauthority to reinstate a suspended license or certificate or to issue a\nnew license or certificate to a licensee or registrant whose license or\nregistration shall have been revoked if no fact or condition then exists\nwhich would have warranted the superintendent in refusing originally to\nissue such license or registration under this article.\n 7. Whenever the superintendent shall revoke or suspend a license or\nregistration issued pursuant to this article, he shall forthwith execute\nin duplicate a written order to that effect. The superintendent shall\nfile one copy of such order in the office of the department of financial\nservices and shall forthwith serve the other copy upon the licensee or\nregistrant. Any such order may be reviewed in the manner provided by\narticle seventy-eight of the civil practice law and rules. Such\napplication for review as authorized by this section must be made within\nthirty days from the date of such order of suspension or revocation.\n 7-a. Whenever a registration shall have expired in accordance with\nsection five hundred ninety-two-a of this article, the superintendent\nshall notify the registrant that the registration has expired and that\nthe registrant may not engage in the business of soliciting, processing,\nplacing or negotiating a mortgage loan or offering to solicit, process,\nplace or negotiate a mortgage loan in this state.\n 8. Any hearing held pursuant to the provisions of this section shall\nbe noticed, conducted and administered in compliance with the state\nadministrative procedure act.\n