A New York originator breaches the article repeatedly over 2026 and faces revocation. What process applies to revocation based on this course of conduct?
Correct Answer
D) Revocation after notice and a hearing, on a course of conduct
The superintendent may revoke a license if he or she finds, after notice and a hearing, that through a course of conduct the licensee has violated any provision of the article or its regulations, or regulations under Article 12-D, or any other applicable state or federal law pertaining to mortgage banking, brokering or loan originating. Other choices: summary action is suspension rather than revocation; the grounds reach beyond Article 12-E; and no loss need be shown. Source: N.Y. Banking Law § 599-n(1)(a)
Why This Is the Correct Answer
The superintendent may revoke a license if he or she finds, after notice and a hearing, that through a course of conduct the licensee has violated any provision of the article or its regulations, or regulations under Article 12-D, or any other applicable state or federal law pertaining to mortgage banking, brokering or loan originating. Other choices: summary action is suspension rather than revocation; the grounds reach beyond Article 12-E; and no loss need be shown. Source: N.Y. Banking Law § 599-n(1)(a)
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