Title BNK, Banking

§ 572. Notice of assignment; payments. Unless the insured has notice of actual or intended assignment of a premium finance agreement, payment thereunder by him to the last known holder of the agreement shall be binding upon all subsequent holders or assignees.

§ 573. Statement of account; receipts. 1. At any time after its execution, but not later than one year after the last payment thereunder, a premium finance agency holding a premium finance agreement shall, upon written request of the insured, give or mail to him a written statem…

§ 574. Credit upon anticipation of payments. 1. Notwithstanding the\nprovisions of any premium finance agreement to the contrary, any insured\nmay pay it in full at any time before the maturity of the final\ninstalment of the balance thereof and, if he does so and the agreement\…

§ 575. Refinancing. A premium finance agency may, upon agreement with the insured, extend the scheduled due date or defer the scheduled payment of all or of any part of any instalment or instalments payable thereunder. The agreement for such extension or deferment must be in wri…

§ 576. Cancellation of insurance contract upon default. 1. When a premium finance agreement contains a power of attorney or other authority enabling the premium finance agency to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contra…

§ 577. Interpretation of article. This article does not affect: (1) the inclusion of amounts for insurance in retail instalment contracts or obligations in accordance with the motor vehicle retail instalment sales act or the retail instalment sales act; (2) the inclusion of amou…

§ 577-a. Premium finance agreements. 1. Any amount advanced by a premium finance agency, with regard to any insurance policy issued pursuant to any plan established under article fifty-three of the insurance law shall be paid either by check or draft made payable to the insuranc…

§ 578. Severability. If any provision of this article or the application thereof to any person or circumstances is held invalid, the invalidity thereof shall not affect other provisions or applications of the article which can be given effect without the invalid provision or app…

§ 578-a. Electronic notes and documents. 1. For purposes of this section, the following words have the following meanings: (a) "Delivered by electronic means" includes: (i) delivery to an electronic mail address at which a party has consented to receive notices or documents; or …

§ 579. Doing business without license prohibited. Only a charitable corporation as defined in paragraph (a) of section one hundred two (Definitions) of the not-for-profit corporation law of this state, or an entity incorporated in another state and having a similar not-for-profi…

§ 580. Application for license. 1. Application for a license required under this article shall be in writing, under oath, and in the form prescribed by the superintendent, and shall contain the following: (a) The exact name and the address of the applicant and its date of incorp…

§ 581. Conditions for issuance of a license; procedure where application denied. 1. Upon the filing of an application for a license, if the superintendent shall find that the financial responsibility, experience, character, and general fitness of the applicant, and of the office…

§ 582. License provisions. Each license issued under this article shall state the address or addresses at which the business is to be conducted and shall state fully the name of the licensee, and the date and place of its incorporation. A copy of such license shall be prominentl…

§ 583. Changes in officers or directors of licensee. In the event that there shall be any change among the officers or directors of any licensee, the licensee shall promptly notify the superintendent of the name, address, and occupation of each new officer or director and provid…

§ 583-a. Changes in control. 1. It shall be unlawful except with the prior approval of the superintendent for any action to be taken which results in a change of control of the business of a licensee. Prior to any change of control, the person desirous of acquiring control of th…

§ 584. Grounds for suspension or revocation of license; procedure. 1. The superintendent may revoke any license issued hereunder if he shall find that: (a) The licensee has violated any provisions of this article, or of any rule or regulation made by the superintendent under and…

§ 584-a. Contracts with debtors; fees. Each licensee shall submit to the department any form of written contract it intends to use between itself and such debtor. Such form contract shall, at minimum, make provision for the following information: 1. a complete list of the debtor…

§ 584-b. Prohibited activities. 1. No person, partnership, association, corporation, or other entity, except a licensee, may make any representation, directly or indirectly, orally or in writing that he, she, or it is licensed under this article. 2. No licensee shall advertise i…

§ 585. Superintendent authorized to examine. For the purpose of discovering violations of this article or securing information lawfully required by him or her hereunder, the superintendent may at any time, and as often as he or she may determine, either personally or by a person…

§ 586. Licensee's books and records; reports. 1. The licensee shall keep and use in its business such books, accounts, and records as will enable the superintendent to determine whether such licensee is complying with the provisions of this article and with the rules and regulat…

§ 587. Authority of superintendent. The superintendent is hereby authorized and empowered to make, in addition hereto and not inconsistent herewith, such general rules and regulations, and such specific rulings, demands, and findings as he may deem necessary for the proper condu…

§ 589. Declaration of policy. The origination, funding and servicing of residential mortgage loans and the types of entities involved in residential mortgage lending has undergone significant changes in recent years, due in part to developments in the general economy, specifical…

§ 590. Licensing. 1. Definitions. (a) "Mortgage loan" shall mean a loan to a natural person made primarily for personal, family or household use, secured by either a mortgage or deed of trust on residential real property, any certificate of stock or other evidence of ownership i…

§ 590-a. Junior mortgage loans. 1. A licensee may make a loan to a\nnatural person upon the security of a mortgage on residential real\nproperty which is not a first lien at the rate or rates agreed to by the\nlicensee and the borrower, subject to such regulations as the\nsuperi…

§ 590-b. Responsibilities. 1. Each mortgage broker shall, in addition to the duties imposed by otherwise applicable provisions of state and federal law, with respect to any transaction, including any practice, or course of business in connection with the transaction, in which th…

§ 591. Application for a mortgage banker's license; fees. 1. The application for a license to be a mortgage banker shall be in writing, under oath, and in the form prescribed by the superintendent. Notwithstanding article three of the state technology law or any other law to the…

§ 591-a. Application to register as a mortgage broker; fees. 1. An application to become registered as a mortgage broker shall be in writing, under oath, in such form as shall be prescribed by the superintendent, and shall be accompanied by the fingerprints of the applicant. Not…

§ 592. Application process to receive license to engage in the business of mortgage banking. 1. Upon the filing of an application for a license, if the superintendent shall find that the financial responsibility, experience, character, and general fitness of the applicant and of…

§ 592-a. Application process to register as a mortgage broker. 1. Upon the filing of an application for registration, if the superintendent shall find that the financial responsibility, experience, character, and general fitness of the applicant, and of the members thereof if th…

§ 593. License provisions. Each license issued under this article shall state the address or addresses at which the business is to be conducted and shall state fully the name of the licensee, and the date and place of its incorporation if applicable. A copy of such license shall…

§ 593-a. Registration provisions. 1. Each certificate issued to a registered mortgage broker under this article shall state the address or addresses at which the business is to be conducted and shall state fully the name of the registrant, and the date and place of its incorpora…

§ 594. Changes in officers and directors. Upon any change of any of the executive officers, partners or directors of any licensee or registrant, the licensee or registrant shall submit to the superintendent the name, address, and occupation of each new officer, partner or direct…

§ 594-b. Changes in control. 1. It shall be unlawful except with the prior approval of the superintendent for any action to be taken which results in a change of control of the business of a licensee or registrant. Prior to any change of control, the person desirous of acquiring…

§ 595. Grounds for suspension or revocation of license, or suspension or deletion of name from mortgage broker roll. 1. The superintendent may revoke any license to engage in the business of a mortgage banker issued pursuant to this article or delete the name of a mortgage broke…

§ 595-a. Regulation of mortgage brokers, mortgage bankers and exempt organizations. 1. Establishment of grounds to impose a fine or penalty. In addition to such other rules, regulations and policies as the superintendent of financial services may prescribe to effectuate the purp…

§ 595-b. Regulation of mortgage loan servicers. 1. Establishment of grounds to impose a fine or penalty. In addition to such other rules, regulations and policies as the superintendent may promulgate to effectuate the purposes of this article, the superintendent shall promulgate…

§ 595-c. Regulation of dealings of mortgage brokers and home improvement contractors. 1. No home improvement contractor nor any agents or salespersons thereof shall represent, act as an agent for, or advertise, promote or arrange for the services of a mortgage broker or its affi…

§ 596. Superintendent authorized to examine; expenses. For the purpose of discovering violations of this article or securing information lawfully required by him hereunder, the superintendent may at any time, and as often as he or she may determine, either personally or by a per…

§ 597. Books and records; reports and electronic filing. Each licensee, servicer, registrant and exempt organization shall keep and use in its business such books, accounts and records as will enable the superintendent to determine whether such licensee, servicer, registrant or …

§ 598. Additional penalties for violation of this article; civil, criminal; liquidated damages. 1. In addition to such penalties as may otherwise be applicable by law, the superintendent may, after notice and hearing as provided elsewhere in this article, require any entity, lic…

§ 599. Separability of provisions. If any provision of this article, or the application of such provision to any person, co-partnership, association, corporation or circumstance, shall be held invalid, the remainder of the article, and the application of such provision to person…

§ 599-a. Legislative purpose. The legislature deems it necessary, in order to enhance consumer protection, reduce fraud and ensure the public welfare, that mortgage loan originators who originate mortgage loans on residential real property be subject to regulation by the superin…

§ 599-b. Definitions. As used in this article: 1. "Annual expiration date" means December thirty-first of each year. 2. "Depository institution" has the same meaning as in section three of the Federal Deposit Insurance Act, and includes any credit union. 3. "Federal banking agen…

§ 599-c. License required. 1. License required. No individual, unless specifically exempt pursuant to subdivision three of this section shall engage in the business of a mortgage loan originator with respect to any dwelling or residential real property in this state without firs…

§ 599-d. State license application. 1. Form of application. Applicants for a license under this article shall apply on a form prescribed by the superintendent. Each such form shall contain content as set forth by rule, regulation, instruction or procedure of the superintendent a…

§ 599-e. Issuance of a license. 1. Findings. Notwithstanding any other law, the superintendent shall not issue a mortgage loan origination license unless he or she makes, at a minimum, the following findings: (a) No license revocation. That the applicant has never had a mortgage…

§ 599-f. Pre-licensing educational requirements. 1. Minimum\neducational requirements. In order to meet the pre-licensing education\nrequirement referred to in this article, a person shall complete at\nleast twenty hours of education approved in accordance with subdivision\ntwo …

§ 599-g. Testing of mortgage loan originators. 1. General\nrequirements. In order to meet the written test requirement referred to\nin this article, an individual shall pass, in accordance with the\nstandards established under this section, a qualified written test\ndeveloped by…

§ 599-h. Mortgage call reports. Each originating entity shall submit to the NMLSR reports of condition, which shall be in such form and shall contain such information as the NMLSR may require.

§ 599-i. Standards for license renewal; inactive status. 1. Standards for renewal. The following minimum standards for license renewal for mortgage loan originators are hereby established: (a) The mortgage loan originator must continue to meet the minimum standards for license i…