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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Budget Planner License The license requirements for budget planners are found primarily in Article 12-C of the New York Banking Law (BL) and regulations thereunder. BL Section 579 provides: Only a charitable corporation as defined in paragraph (a) of section one hundred two (Definitions) of the not-for-profit corporation law of this state, or an entity incorporated in another state and having a similar not-for-profit status, shall engage in the business of budget planning as defined in subdivision one of section four hundred fifty-five of the general business law of this state except as authorized by this article and without first obtaining a license from the superintendent. This license should only be applied for by a company that also holds or is applying for the NY Budget Planner License. This license will become available on May 1, 2018.
Check Casher Company License The license requirements for check cashers are found primarily in Article 9-A of the New York Banking Law (BL) and regulations thereunder. BL Section 367(1) provides: “No person, partnership, association or corporation shall engage in the business of cashing checks, drafts or money orders for a consideration without first obtaining a license from the superintendent.”
Commercial Check Casher Company License The license requirements for check cashers are found primarily in Article 9-A of the New York Banking Law (BL) and regulations thereunder. BL Section 367(1) provides: “No person, partnership, association or corporation shall engage in the business of cashing checks, drafts or money orders for a consideration without first obtaining a license from the superintendent.” The Commercial Check Casher license is held by entities that cash checks only “for payees … that are other than natural persons” (see, e.g., BL Section 369(1)). This document pertains to a headquarter location. In addition to the items listed in this checklist below, the New York State Department of Financial Services (NY-DFS) may require, as it deems necessary, the submission of any other information or documentation.
Exempt Mortgage Banker License-MH Companies who makes “Chattel-Only” loans as a direct lender on Manufactured Homes and employ individuals required to be licensed under Article 12-E of the New York Banking Law. Applicants must also complete and submit a branch office application Branch Form (MU3) for each additional branch office requested as part of this application. The Department will process no more than two branch applications as part of the initial Exempt Mortgage Banker License-MH application.
Exempt Mortgage Banker License-NP Nonprofit organization, including nonprofit Single Purpose Limited Liability Subsidiaries, engaged in making loan (loans are closed in the name of the nonprofit organization) that wish to be considered for exemption must submit an application through the NMLS for exemption under this license. (More Details)
Exempt Mortgage Broker Registration-MH This registration is for companies that engage in the business of brokering “Chattel-Only” loans on Manufactured or mobile homes used as the dwelling for one or more individuals. The registration is discretionary and is intended for companies that broker chattel-only loans that wish to manage their licensed mortgage loan originators through NMLS. Brokering a “chattel” loans means for compensation or gain either directly or indirectly accepting or offering to accept an application for a chattel loan or assisting or offering to assist in the processing of an application for a chattel loan, soliciting or offering to solicit a chattel loan on behalf of a third party or negotiating or offering to negotiate the terms or conditions of a chattel loan with a lender on behalf of a third party.
Exempt Mortgage Broker Registration-NP Nonprofit organizations that facilitate mortgage loan origination through a Single Purpose Limited Liability subsidiary (SPLLS) or solicit, process, negotiate or place loans on behalf of a third-party must submit an application through the NMLS for exemption under this license. (More Details)
Exempt Mortgage Loan Servicer Registration This registration is available for any company exempt from the mortgage loan servicer registration requirements pursuant to Section 590(2)(b-1) of the New York Banking Law. (More Details)
Licensed Lender License The license requirements for Licensed Lenders are found primarily in Article 9 of the New York Banking Law (BL) and the regulations thereunder. BL Section 340 provides: No person or other entity shall engage in the business of making loans in the principal amount of twenty-five thousand dollars or less for any loan to an individual for personal, family, household, or investment purposes and in a principal amount of fifty thousand dollars or less for business and commercial loans, and charge, contract for, or receive a greater rate of interest than the lender would be permitted by law to charge if he were not a licensee hereunder except as authorized by this article and without first obtaining a license from the superintendent.
Money Transmitter License The license requirements for money transmitters are found primarily in Article 13-B of the New York Banking Law (“BL”) and the regulations thereunder. BL Section 641(1) provides: No person shall engage in the business of selling or issuing checks, or engage in the business of receiving money for transmission or transmitting the same, without a license therefor obtained from the superintendent as provided in this article, nor shall any person engage in such business as an agent, except as an agent of a licensee or as agent of a payee; provided, however, that nothing in this article shall apply to a bank, trust company, private banker, foreign banking corporation licensed pursuant to article two of this chapter or foreign banking company authorized to operate pursuant to the International Banking Act of 1978 (12 USC 3101 et seq.), as amended, savings bank, savings and loan association, an investment company, a national banking association, federal reserve bank, corporation organized under the provisions of section twenty-five-a of an act of congress entitled the "Federal Reserve Act", federal savings bank, federal savings and loan association or state or federal credit union.
Mortgage Banker License This license is required by any company or sole proprietorship who for compensation or gain directly or indirectly advances funds or issues commitments to make mortgage loans.
Mortgage Broker Registration This registration is required by any company or sole proprietorship who for compensation or gain directly or indirectly accepts, assist, solicit, process, negotiate, or offer to accept, assist solicit, negotiate or process a mortgage loan with a lender on behalf of a third party.
Mortgage Loan Servicer Registration This registration is required by any company or sole proprietorship who receives scheduled periodic payments from a borrower pursuant to the terms of any mortgage loan, including amounts for escrow accounts and making payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the mortgage loan documents or servicing contract. In the case of a reverse mortgage, servicing includes making payments to the borrower. (More Details)
NY Exempt Mortgage Banker License–UW This license is for companies that provide mortgage loan underwriting services as independent contractors to registered mortgage brokers, licensed mortgage bankers, insurance companies, banking organizations or credit unions. The license is discretionary and is intended for independent underwriting companies that wish to manage their licensed mortgage loan originators through NMLS. Article 12-E, Section 599-C.1.4, prohibits an independent contractor engaged in mortgage loan underwriting activities from engaging in such activity unless the individuals is licensed as a Mortgage Loan Originator and maintain a valid unique identifier issued by the NMLS.
Premium Finance The license requirements for premium finance agencies are found primarily in Article 12-B of the New York Banking Law (BL) and regulations thereunder. BL Section 555 provides, in part: No person except a lending institution or an authorized insurer shall engage in the business of a premium finance agency without a license therefor obtained from the superintendent, as provided in this article. This license will become available on May 1, 2018.
Reverse Mortgage (HECM) Lending New York State licensed mortgage bankers that engage in the business of making reverse mortgage loans on 1-4 family residential property located in the State of New York. This authority is required for the following types of reverse mortgage loan products: Federal Housing Administration (“FHA”) – Home Equity Conversion Mortgage (HECM) [must provide documentation supporting FHA’s approval to originate HECMs] Making a reverse mortgage loans means for compensation or gain either directly or indirectly, advancing funds, offering to advance funds, or making a commitment to advance funds to an applicant for a reverse mortgage loan or a mortgagor as a reverse mortgage loan. Licensed Mortgage Bankers currently engaged in FHA HECM reverse mortgage lending activities are required to submit an application prior to June 5, 2020 in order to continue originating such reverse mortgage loans after June 5, 2020. Pursuant to 3 NYCRR 79.3(a) “No person or entity may engage in the business of making a reverse mortgage loan unless they are licensed to make mortgage loans pursuant to section 591 of the Banking Law or are an exempt organization.” Also, pursuant to 3 NYCRR 79.3(b) “no person or entity may engage in the business of making a reverse mortgage loan unless they have applied and are granted such right by the superintendent.”
Reverse Mortgage Lending Dual Authority New York State licensed mortgage bankers that engage in the business of making reverse mortgage loans on 1-4 family residential property located in the State of New York. This authority is required for entities seeking to originate both: Proprietary Reverse Mortgage Loans under Section 280 and 280-a of the New York Real Property Law, and Federal Housing Administration (“FHA”) – Home Equity Conversion Mortgage (HECM) [must provide documentation supporting FHA’s approval to originate HECMs] Making a reverse mortgage loans means for compensation or gain either directly or indirectly, advancing funds, offering to advance funds, or making a commitment to advance funds to an applicant for a reverse mortgage loan or a mortgagor as a reverse mortgage loan. Pursuant to 3 NYCRR 79.3(a) “No person or entity may engage in the business of making a reverse mortgage loan unless they are licensed to make mortgage loans pursuant to section 591 of the Banking Law or are an exempt organization.” Also, pursuant to 3 NYCRR 79.3(b) “no person or entity may engage in the business of making a reverse mortgage loan unless they have applied and are granted such right by the superintendent.”
Sales Finance Company License The license requirements for sales finance companies are found primarily in Article 11-B of the New York Banking Law (BL) and regulations thereunder. BL Section 492 provides, in part: No person, except a bank, savings bank, savings and loan association, trust company, private banker, credit union, investment company organized under article twelve of this chapter and authorized to accept deposits, national bank, federal savings association, federal credit union, or out-of-state state bank, as such term is defined in subdivision two of section two hundred twenty-two of this chapter, or lender licensed pursuant to article nine of this chapter, shall engage in the business of a sales finance company in this state without a license therefor obtained from the superintendent, as provided in this article.
Student Loan Servicer License The license requirements for student loan servicers are found primarily in New York Banking Law Section 711.
Virtual Currency Business Activity Company License The license requirements for Virtual Currency Business Activity are found primarily in 23 NYCRR Part 200. 23 NYCRR 200.3(a) provides, in part: “No Person shall, without a license obtained from the superintendent …, engage in any Virtual Currency Business Activity.” Also, 23 NYCRR 200.2(q) provides, in part: “Virtual Currency Business Activity means the conduct of any one of the following types of activities involving New York or a New York Resident: (1) receiving Virtual Currency for Transmission or Transmitting Virtual Currency, except where the transaction is undertaken for non-financial purposes and does not involve the transfer of more than a nominal amount of Virtual Currency; (2) storing, holding, or maintaining custody or control of Virtual Currency on behalf of others; (3) buying and selling Virtual Currency as a customer business; (4) performing Exchange Services as a customer business; or (5) controlling, administering or issuing a Virtual Currency.”
Branch Licenses Description Requirements Checklist
Budget Planner License The license requirements for budget planners are found primarily in Article 12-C of the New York Banking Law (BL) and regulations thereunder. BL Section 579 provides: Only a charitable corporation as defined in paragraph (a) of section one hundred two (Definitions) of the not-for-profit corporation law of this state, or an entity incorporated in another state and having a similar not-for-profit status, shall engage in the business of budget planning as defined in subdivision one of section four hundred fifty-five of the general business law of this state except as authorized by this article and without first obtaining a license from the superintendent. This license should only be applied for by a company that also holds or is applying for the NY Budget Planner License. This license will become available on May 1, 2018.
Check Casher (Full) Branch License The license requirements for check cashers are found primarily in Article 9-A of the New York Banking Law (BL) and regulations thereunder. BL Section 367(1) provides: “No person, partnership, association or corporation shall engage in the business of cashing checks, drafts or money orders for a consideration without first obtaining a license from the superintendent.” This license should only be applied for by a company that also holds or is applying for the NY Check Casher Company License.
Check Casher Branch Limited Station License Companies holding the New York State Department of Financial Services (NY-DFS) Check Casher License can apply for the Limited Station license. A Limited Station is hereby defined as a place where a licensed casher of checks may maintain and make available to a particular group, and to that group only, the facilities for cashing checks, drafts or money orders on the designated premises, such facilities being made available for no more than two days of each week. Neither the location, the group, nor the days designated in the application may be changed without the written approval of the superintendent. The holder of a license to maintain a limited station shall observe the rules and regulations issued by the superintendent which are applicable to all licensed cashers of checks, except that if the information called for and required to be kept in books or records as outlined in section S.R. 400.3 is kept as part of the records of the principal office of the licensee, then separate records at the limited station shall not be required. The license requirements for Check Cashers are found primarily in Article 9-A of the New York Banking Law (BL) and regulations thereunder.
Commercial Check Casher Branch License The license requirements for check cashers are found primarily in Article 9-A of the New York Banking Law (BL) and regulations thereunder. BL Section 367(1) provides: “No person, partnership, association or corporation shall engage in the business of cashing checks, drafts or money orders for a consideration without first obtaining a license from the superintendent.” This license should only be applied for by a company that also holds or is applying for the NY Commercial Check Casher Company License. The Commercial Check Casher license is held by entities that cash checks only “for payees … that are other than natural persons” (see, e.g., BL Section 369(1)). In addition to the items listed in the checklist below, the New York State Department of Financial Services (NY-DFS) may require, as it deems necessary, the submission of any other information or documentation.
Exempt Mortgage Banker Branch License-MH Exempt Manufactured Home Lenders that solicit or process loans from locations other than its principal place of business, irrespective of whether the only contact such locations have with applicants is by internet, telephone, facsimile or other electronic process are required to have this license.
Licensed Lender Branch License The license requirements for Licensed Lenders are found primarily in Article 9 of the New York Banking Law (BL) and the regulations thereunder. BL Section 340 provides: No person or other entity shall engage in the business of making loans in the principal amount of twenty-five thousand dollars or less for any loan to an individual for personal, family, household, or investment purposes and in a principal amount of fifty thousand dollars or less for business and commercial loans, and charge, contract for, or receive a greater rate of interest than the lender would be permitted by law to charge if he were not a licensee hereunder except as authorized by this article and without first obtaining a license from the superintendent.
Mortgage Banker Branch License This license is required for all mortgage banker locations, separate from the main office as identified on Form MU1, at which loan solicitation and/or loan processing takes place irrespective of whether the only contact with an applicant from that location is by internet, telephone, facsimile or other electronic process.
Mortgage Broker Branch Registration This license is required for all mortgage broker locations, separate from the main office as identified on Form MU1, at which loan solicitation and/or loan processing takes place irrespective of whether the only contact with an applicant from that location is by internet, telephone, facsimile or other electronic process.
Mortgage Loan Servicer Branch Registration This registration is required for all mortgage loan servicer locations, separate from the main office as identified on Form MU1, at which mortgage loan servicing takes place irrespective of whether the only contact such locations has with borrowers is by internet, telephone, facsimile or other electronic process. (More Details)
Premium Finance The license requirements for premium finance agencies are found primarily in Article 12-B of the New York Banking Law (BL) and regulations thereunder. BL Section 555 provides, in part: No person except a lending institution or an authorized insurer shall engage in the business of a premium finance agency without a license therefor obtained from the superintendent, as provided in this article. This license should only be applied for by a company that also holds or is applying for the NY Premium Finance Agency License. This license will become available on May 1, 2018.
Sales Finance Company Branch License The license requirements for sales finance companies are found primarily in Article 11-B of the New York Banking Law (BL) and regulations thereunder. BL Section 492 provides, in part: No person, except a bank, savings bank, savings and loan association, trust company, private banker, credit union, investment company organized under article twelve of this chapter and authorized to accept deposits, national bank, federal savings association, federal credit union, or out-of-state state bank, as such term is defined in subdivision two of section two hundred twenty-two of this chapter, or lender licensed pursuant to article nine of this chapter, shall engage in the business of a sales finance company in this state without a license therefor obtained from the superintendent, as provided in this article.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License Authorizes individuals to engage in mortgage loan origination activities
 

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