Section 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 banking department.  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.