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Banking Interpretations

Banking Law 591-a 

August 2, 2004

Re:( ) Dear Mr.( )

Your July 14, 2004 letter to the Legal Department, New York State Banking Department (the "Department"), requesting concurrence that your client (the "Company") does not need a mortgage broker's registration in order to be involved in the activities outlined, has been referred to me for response.

According to the description of activities attached to your letter (the "Description"), a consumer visiting the website will provide information including: (i) Type of mortgage; (ii) Property type and purpose; (iii) Self assessed credit history; (iv) Occupational status; and (v) Bankruptcy history. These activities appear to be similar to the activities contemplated by a separate entity that previously requested a legal opinion from the Department. I attach, for your perusal, a copy of that opinion dated, May 12, 2003.

Based on the reasoning outlined in the May 12, 2003 opinion, and the information provided in the Description, the Department is of the opinion that the Company will be required to obtain a mortgage broker's registration in order to be involved in the contemplated activities in this state.

I trust the foregoing is responsive to your inquiry.

Sincerely yours,

Harry C. Goberdhan 
Assistant Counsel


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