Title BNK, Banking

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

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

§ 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\nthe insured, extend the scheduled due date or defer the scheduled\npayment of all or of any part of any instalment or instalments payable\nthereunder. The agreement for such extension or deferment must be in\…

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

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

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

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

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

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

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

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

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

§ 583. Changes in officers or directors of licensee. In the event that\nthere shall be any change among the officers or directors of any\nlicensee, the licensee shall promptly notify the superintendent of the\nname, address, and occupation of each new officer or director and\npr…

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

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

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

§ 584-b. Prohibited activities. 1. No person, partnership,\nassociation, corporation, or other entity, except a licensee, may make\nany representation, directly or indirectly, orally or in writing that\nhe, she, or it is licensed under this article.\n 2. No licensee shall advert…

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

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

§ 587. Authority of superintendent. The superintendent is hereby\nauthorized and empowered to make, in addition hereto and not\ninconsistent herewith, such general rules and regulations, and such\nspecific rulings, demands, and findings as he may deem necessary for the\nproper c…

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

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

§ 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\nto the duties imposed by otherwise applicable provisions of state and\nfederal law, with respect to any transaction, including any practice, or\ncourse of business in connection with the transaction, in which…

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

§ 591-a. Application to register as a mortgage broker; fees. 1. An\napplication to become registered as a mortgage broker shall be in\nwriting, under oath, in such form as shall be prescribed by the\nsuperintendent, and shall be accompanied by the fingerprints of the\napplicant.…

§ 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 an…

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

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

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

§ 594. Changes in officers and directors. Upon any change of any of\nthe executive officers, partners or directors of any licensee or\nregistrant, the licensee or registrant shall submit to the\nsuperintendent the name, address, and occupation of each new officer,\npartner or di…

§ 594-b. Changes in control. 1. It shall be unlawful except with the\nprior approval of the superintendent for any action to be taken which\nresults in a change of control of the business of a licensee or\nregistrant. Prior to any change of control, the person desirous of\nacqui…

§ 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 br…

§ 595-a. Regulation of mortgage brokers, mortgage bankers and exempt\norganizations. 1. Establishment of grounds to impose a fine or penalty.\nIn addition to such other rules, regulations and policies as the\nsuperintendent of financial services may prescribe to effectuate the\n…

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

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

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

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

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

§ 599. Separability of provisions. If any provision of this article,\nor the application of such provision to any person, co-partnership,\nassociation, corporation or circumstance, shall be held invalid, the\nremainder of the article, and the application of such provision to\npe…

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

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

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

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

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

§ 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\nto the NMLSR reports of condition, which shall be in such form and shall\ncontain such information as the NMLSR may require.\n

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