10/1/14 N.Y. St. Reg. DFS-26-14-00001-A
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following action:
Action taken:
Repeal of Part 420 and Supervisory Procedures MB 107, MB 108; and addition of new Part 420 and Supervisory Procedure MB 107 to Title 3 NYCRR.
Statutory authority:
Banking Law, art. 12-E
Subject:
Regulation of mortgage loan originators.
Purpose:
The revised rules implement new Article 12-E of the Banking Law to require that individuals engaging in mortgage loan origination activities must be licensed by the Superintendent of Financial Services (formerly the Superintendent of Banks). Revised Part 420 sets forth the application, exemption and approval procedures for initial and annual licensing as a mortgage loan originator. Revised Supervisory Procedure MB 107 sets forth the details of the application procedure. Supervisory Procedure MB 108 set forth the procedure for approval of education courses and providers under the prior version Article 12-E. It no longer is required under the new article 12-E.
Text or summary was published
in the July 2, 2014 issue of the Register, I.D. No. DFS-26-14-00001-P.
Final rule as compared with last published rule:
No changes.
Text of rule and any required statements and analyses may be obtained from:
Christine M. Tomczak, Esq., New York State Department of Financial Services, One State Street, New York, NY 10004, (212) 709-1642, email:
christine.tomczak@DFS.ny.govInitial Review of Rule
As a rule that requires a RFA, RAFA or JIS, this rule will be initially reviewed in the calendar year 2017, which is no later than the 3rd year after the year in which this rule is being adopted.
Assessment of Public Comment
The agency received no public comment.
