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Can you summarize 3 NYCRR Part 410?
Non-Banking Organizations > Mortgage Bankers: Licensing Requirements; Mortgage Brokers: Registration Requirements; Branch Applications: Notifications: Books and Records; Annual Reports; Surety Bonds; and Consultants of Licensed Mortgage Bankers and Registered Mortgage Brok
Short Summary
The provided legal document content covers various aspects related to mortgage bankers and mortgage brokers in New York. It includes licensing requirements for mortgage bankers, registration requirements for mortgage brokers, branch applications, books and records, annual reports, surety bonds, and consultants of licensed mortgage bankers and registered mortgage brokers. The document defines the term ‘consultant’ and provides exemptions for certain individuals. It outlines requirements for license and registration applicants to provide a list of consultants and an undertaking of accountability for each independent contractor. The document also mandates notification to the superintendent of any termination of consultants or independent contractors within 10 days. No specific penalties are mentioned in the provided document.
Whom does it apply to?
Licensed mortgage bankers, registered mortgage brokers, consultants, employees, and independent contractors of licensed mortgage bankers and registered mortgage brokers.
What does it govern?
Licensing requirements for mortgage bankers, registration requirements for mortgage brokers, branch applications, books and records, annual reports, surety bonds, and consultants of licensed mortgage bankers and registered mortgage brokers.
What are exemptions?
Exemptions are provided for certain individuals, such as W-2 employees of a licensee or registrant, individuals with professional licenses, individuals employed by regulated entities, and independent contractors that do not provide mortgage-related services.
What are the Penalties?
No specific penalties are mentioned in the provided document.
Jurisdiction
New York