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NY S08204
Bill
Status
6/16/2010
Primary Sponsor
Kevin Parker
Click for details
AI Summary
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Removes the threshold requirement of "five or more" mortgage loans, making licensing mandatory for all mortgage brokers engaging in the business of making mortgage loans in any calendar year
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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 and authorizes the superintendent to establish a mortgage broker licensing examination and promulgate rules and regulations regarding the examination's time, date, and manner of administration
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Requires applicants for mortgage broker registration to demonstrate they have met all educational requirements established by the banking board and have passed the licensing examination established by the article
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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
REFERRED TO RULES
6/16/2010