Skip to Content

Banking Interpretations

Supt.'s Regs Part 410

February 7, 2005

[ ]

Dear [ ]:

This letter is in confirmation of your letter to me received on October 15, 2004 that, based on my October 5, 2004 letter, a telemarketing informational inquiry that does not include the customer's credit profile would not be considered an "Application" for the purposes of calculating the amount of the bond or deposit a mortgage broker is required to obtain pursuant to Part 410 of the Superintendent's Regulations. Likewise, if your company uses a credit profile to formulate a loan profile for the client, then such an inquiry must be included when calculating the amount of the bond.

I trust this is responsive to your inquiry.

Very truly yours,

Alvin A. Narin
First Assistant Couns

Department of Financial Services

CONNECT WITH US

DFS Facebook page

Follow NYDFS on Twitter

REGISTER TO VOTE

Sign up online or download and mail in your application.