The Department of Financial Services published a notice of Emergency Rulemaking to implement license, financial responsibility, education and test requirements for mortgage loan originators (MLOs) to comply with Article 12-E of the Banking Law, amended in order to conform the regulation of MLOs in New York to federal legislation.
The rule requires that individuals engaging in mortgage loan origination must be licensed by the Superintendent of Financial Services and that MLOs, including those already engaged in the business of originating mortgage loans, must complete new education, testing and bonding requirements for licensure.
The new regulation is substantially similar to the prior rule on the same matter. This rule will expire on February 12, 2014.
See also the SAFE Act information in The Gold Book.