N.Y. BNK Law § 599-I

§ 599-i. Standards for license renewal; inactive status. 1. Standards\nfor renewal. The following minimum standards for license renewal for\nmortgage loan originators are hereby established:\n (a) The mortgage loan originator must continue to meet the minimum\nstandards for license issuance set forth in section five hundred\nninety-nine-e of this article;\n (b) The mortgage loan originator must satisfy the annual continuing\neducation requirements described in section five hundred ninety-nine-j\nof this article; and\n (c) The mortgage loan originator must have paid all required fees for\nthe renewal of the license.\n 2. Failure to satisfy standards. The license of a mortgage loan\noriginator failing to satisfy the minimum standards for renewal shall\nterminate. In the event the licensed mortgage loan originator fails to\npay such fee or otherwise satisfy this section, then the department\nshall notify the originating entity of the termination of the license.\nSuch license shall be reinstated, in the case of a licensed mortgage\nloan originator failing to timely pay such fee, if such licensed\nmortgage loan originator pays such fee within sixty days of such due\ndate.\n 3. Submission of annual request. An annual request for renewal of a\nlicense as a mortgage loan originator shall be affirmed by the mortgage\nloan originator and submitted electronically, including through the\nNMLSR, in such form and in such manner as may be prescribed by the\nsuperintendent. The annual request for renewal shall contain such\ninformation as specified by the superintendent.\n 4. Inactive status. The license of a mortgage loan originator is not\neffective during any period during which the mortgage loan originator is\nnot employed by, or is an independent contractor of, an originating\nentity. When a mortgage loan originator ceases to be employed by, or is\nan independent contractor of, an originating entity, the originating\nentity shall promptly notify the superintendent of the termination date\nof such employment or affiliation. The license of such mortgage loan\noriginator shall be placed in inactive status until the superintendent\nreceives written or electronic notice of the mortgage loan originator's\nnew employment or affiliation. A mortgage loan originator shall continue\nto pay the annual license fee and to take required education courses\nwhile in inactive status.\n