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Adopted Regulations

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Amendments To Part 410 of the Superintendent's Regulations

December 23, 2009

MORTGAGE BANKERS: LICENSING REQUIREMENTS; MORTGAGE ROKERS: REGISTRATION REQUIREMENTS; BRANCH APPLICATIONS: NOTIFICATIONS: BOOKS AND RECORDS; ANNUAL REPORTS; SURETY BONDS; AND CONSULTANTS OF LICENSED MORTGAGE BANKERS AND REGISTERED MORTGAGE BROKERS

(Statutory authority: Banking Law Article 12-D)

§ 410.5  is amended to read as follows:

§ 410.5  Branch application; investigation fees.

  1. A mortgage broker or mortgage banker may apply to open and maintain one or more [full service branches or loan solicitation] branches.  A [full service] branch may be applied for by letter application containing the information and documents set forth in a form which may be obtained from the Banking Department, at the address as set forth in section 1.1 of Supervisory Policy G 1 of this Title.  If an application is requested in writing, the address should indicate the following:  Attn: Mortgage Banking Division.

    1. An application for a [full service] branch [office or a loan solicitation branch office] filed by a mortgage banker shall be accompanied by payment of the fee specified in section 1.2 of Supervisory Policy G 1 of this Title.
    2. An application for a [full service] branch [office or a loan solicitation branch office] filed by a mortgage broker shall be accompanied payment of the fee specified in section 1.2 of Supervisory Policy G 1 of this Title. 

  2. In the event the superintendent does not reject the application for [either] a [full service] branch [or a loan solicitation branch] within 30 days of publication of the receipt of a completed application, the mortgage broker or mortgage banker may open the [full service branch or the loan solicitation] branch.