Magazine article Mortgage Banking

NY Senate Bill 6514 Introduced. (Business Alert)

Magazine article Mortgage Banking

NY Senate Bill 6514 Introduced. (Business Alert)

Article excerpt

New York State senator Hugh T. Farley, at the request of the Banking Department, introduced Senate Bill 6514 on March 15, 2002. The bill would amend licensing requirements for mortgage bankers and mortgage brokers. It would also give the superintendent the authority to prescribe regulations to require a bond amount between $50,000 and $500,000 for mortgage bankers, with the amount varying based upon a licensee's volume of business and any other "relevant factors as determined by the superintendent." If a licensee has engaged in a pattern of conduct resulting in bona fide consumer complaints of misconduct, the superintendent may require a licensee to maintain a bond or to keep on deposit twice the amount normally required.

The superintendent would have the authority to prescribe regulations to require bond amounts between $10,000 and $100,000 for mortgage brokers. There is a provision similar to that for mortgage bankers: The superintendent may require a mortgage broker to maintain a bond or keep on deposit twice the amount normally required if the mortgage broker has engaged in a pattern of conduct resulting in bona fide consumer complaints of misconduct. …

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