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NY A02225
Bill
Status
Introduced
1/14/2011
Primary Sponsor
Vanessa Gibson
Click for details
AI Summary
- Removes the "five or more mortgage loans" threshold, requiring all persons and entities engaging in mortgage lending to obtain a license from the superintendent
- Authorizes the banking board to establish minimum educational requirements for all mortgage brokers through rules and regulations
- Directs the superintendent to establish a mortgage broker licensing examination and promulgate rules regarding the examination's timing, date, and administration
- Requires mortgage broker applicants to demonstrate they have met all educational requirements established by the banking board and have passed the licensing examination before registration approval
- 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 banks
1/4/2012
Committee Referrals
Banks1/14/2011
Full Bill Text
No bill text available