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NY A03903
Bill
Status
1/29/2009
Primary Sponsor
Michael Benjamin
Click for details
AI Summary
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Removes the "five or more mortgage loans" threshold, requiring all mortgage brokers to obtain a license regardless of loan volume
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Authorizes the Banking Board to promulgate rules and regulations establishing minimum educational requirements for all mortgage brokers
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Directs the superintendent to establish a mortgage broker licensing examination and promulgate rules regarding the exam's time, date, and manner of administration
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Requires mortgage broker applicants to pass the licensing examination and meet all educational requirements established by the Banking Board before registration approval
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Takes effect immediately upon enactment
Legislative Description
Requires all mortgage brokers to be licensed, establishes certain educational requirements, and directs and authorizes the superintendent to establish a mortgage broker licensing exam.
Last Action
print number 3903a
6/14/2010