N.Y. Comp. Codes R. & Regs. tit. 3 § 420.19

Current through Register Vol. 46, No. 45, November 2, 2024

Section 420.19 - Duties of MLO

(a) Except as may be permitted by the superintendent in writing, a MLO shall not be simultaneously employed or affiliated with more than one originating entity licensed, registered or exempt from licensing pursuant to the provisions of article 12-D of the Banking Law.

(b) Each MLO shall engage in mortgage loan originating activities in a manner such as to command the confidence of the community and to warrant belief that his or her activities are conducted honestly, fairly and free from deceptive practices.

(c) Each MLO shall promptly notify the department of the following:

(1) change of primary residence address;

(2) any felony conviction or pending felony charges; any charge of or conviction with respect to a misdemeanor involving financial services or a financial services related business; or any charge or conviction involving fraud, false statements or omissions, theft or wrongful taking of property, bribery, perjury; forgery; money laundering or extortion subsequent to initial licensure;

(3) termination of and/or resignation from employment with an originating entity;

(4) the initiation, settlement or resolution of any complaint, action or proceeding brought against him or her by a state or Federal governmental unit or self-regulatory organization in connection with a financial services-related activity or business or involving fraud, misrepresentation, consumer deception, larceny, money laundering or perjury; and

(5) the initiation, settlement or resolution of any other civil action or proceeding against him or her involving fraud, misrepresentation, larceny or perjury.

(d) Each MLO shall obtain course completion certificates evidencing satisfactory completion of the credit hour requirements for each annual renewal period and provide a copy thereof to his or her originating entity, or the NMLS when directed by the superintendent.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 420.19

Adopted, New York State Register October 1, 2014/Volume XXXVI, Issue 39, eff.10/1/2014