New York S 10587: Provides remote work flexibilities for licensed mortgage loan originators and staff and employees of licensed mortgage bankers, registered mortgage brokers and mortgage loan servicers under certain circumstances

Bill Text

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S10587 Summary:

BILL NOS10587 

&nbsp

SAME ASSAME AS A11565

&nbsp

SPONSORZELLNER

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§590, 591 & 591-a, Bank L

&nbsp

Provides remote work flexibilities for licensed mortgage loan originators and staff and employees of licensed mortgage bankers, registered mortgage brokers and mortgage loan servicers under certain circumstances.

Go to top S10587 Actions:

BILL NOS10587 

&nbsp

05/27/2026REFERRED TO BANKS

Go to topS10587 Committee&nbspVotes:

Go to topS10587 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS10587 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10587

 IN SENATE

 May 27, 2026
 ___________

 Introduced by Sen. ZELLNER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Banks

 AN ACT to amend the banking law, in relation to providing remote work
 flexibilities for licensed mortgage loan originators and staff and
 employees of licensed mortgage bankers, registered mortgage brokers
 and mortgage loan servicers under certain circumstances

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 1 of section 590 of the banking law is amended
 2 by adding a new paragraph (j) to read as follows:
 3 (j) "Remote location" shall mean a location at which an employee of a
 4 licensee, registrant, mortgage loan servicer or person exempt from
 5 licensing or registration that employs a mortgage loan originator
 6 licensed pursuant to article twelve-E of this chapter, may conduct busi-
 7 ness other than the principal location or branch office of a licensee,
 8 registrant, servicer or exempt person.
 9 § 2. Paragraph (c) of subdivision 2 of section 590 of the banking law,
 10 as amended by chapter 472 of the laws of 2008, is amended to read as
 11 follows:
 12 (c) A licensee registrant or mortgage loan servicer may apply for
 13 authority to open and maintain one or more branch offices. Provided,
 14 however, no licensee, registrant or mortgage loan servicer shall be
 15 required to apply for authority to open and maintain a branch office
 16 with respect to any location that is a remote location.
 17 § 3. Paragraph (f) of subdivision 5 of section 590 of the banking law,
 18 as relettered by chapter 540 of the laws of 2023, is relettered para-
 19 graph (g) and a new paragraph (f) is added to read as follows:
 20 (f)(i) Notwithstanding any provision of this chapter or any other law,
 21 rule or regulation to the contrary, a licensee, registrant, mortgage
 22 loan servicer, or person exempt from licensing or registration that
 23 employs a licensed mortgage loan originator, may allow an employee,
 24 including a mortgage loan originator licensed pursuant to article
 25 twelve-E of this chapter and sponsored by the licensee, registrant,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD16009-01-6

 S. 10587 2

 1 servicer or exempt person, to engage in licensable activities from a
 2 remote location provided:
 3 (A) the remote location may not:
 4 (1) be owned or leased by the employer or an affiliate of the employ-
 5 er, or for the benefit of the employer or an affiliate of the employer;
 6 (2) be a location that offers temporary office space unless the
 7 employee is using the location on a temporary basis due to the unavail-
 8 ability of the employee's regular work location;
 9 (3) be held out to the public by use of signage, advertisement, or
 10 other means, as a location at which the employer conducts business for
 11 which a license or registration is required;
 12 (4) be used for the receipt of mail relating to business for which a
 13 license or registration is required; or
 14 (5) be used to conduct a specific act that applicable law, rule or
 15 regulation requires be conducted only at specified locations;
 16 (B) the remote location shall be authorized by the licensee, regis-
 17 trant, servicer or exempt person as a location from which the specific
 18 employee may work remotely;
 19 (C) the licensee, registrant, servicer or exempt person has written
 20 policies and procedures for supervision of employees working at their
 21 reside