§ 592. Application process to receive license to engage in the
business of mortgage banking. 1. Upon the filing of an application for a
license, if the superintendent shall find that the financial
responsibility, experience, character, and general fitness of the
applicant and of the members thereof if the applicant is a
co-partnership or association, and of the officers and directors thereof
if the applicant is a corporation are such as to command the confidence
of the community and to warrant belief that the business will be
operated honestly, fairly, and efficiently within the purpose of this
article, the superintendent shall thereupon issue a license in duplicate
to engage in the business of making mortgage loans described in section
five hundred ninety of this article in accordance with provisions of
this article. If the superintendent shall not so find, the
superintendent shall not issue such license, and the superintendent
shall notify the applicant of the denial. The superintendent shall
transmit one copy of such license to the applicant and file another in
the office of the department of financial services. Upon receipt of such
license, a mortgage banker shall be authorized to engage in the business
of making mortgage loans in accordance with the provisions of this
article. Such license shall remain in full force and effect until it is
surrendered by the licensee or revoked or suspended as hereinafter
provided. The superintendent shall approve or deny every application for
license hereunder within ninety days from the filing of a completed
application provided, however, that failure to act within the prescribed
period shall not be deemed approval of any such application.

2. The superintendent may refuse to issue a license pursuant to this
article if he or she shall find that the applicant, or any person who is
a director, officer, partner, agent, employee, substantial stockholder
of the applicant, consultant or person having a relationship with the
applicant similar to a consultant, (a) has been convicted of a crime
involving an activity which is a felony under this chapter or under
article one hundred fifty-five, one hundred seventy, one hundred
seventy-five, one hundred seventy-six, one hundred eighty, one hundred
eighty-five, one hundred eighty-seven, one hundred ninety, two hundred,
two hundred ten or four hundred seventy of the penal law or any
comparable felony under the laws of any other state or the United
States, provided that such crime would be a felony if committed and
prosecuted under the laws of this state or (b) has had a license or
registration revoked by the superintendent or (c) has been a director,
partner, or substantial stockholder of an entity which has had a license
or registration revoked by the superintendent or (d) has been an agent,
employee or officer of an entity, or a consultant to, or person having
had a similar relationship with, any entity which has had a license or
registration revoked by the superintendent where such person shall have
been found by the superintendent to bear responsibility in connection
with the revocation. The term "substantial stockholder", as used in this
subdivision, shall be deemed to refer to a person owning or controlling
directly or indirectly ten per centum or more of the total outstanding
stock of a corporation.