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Does a commercial mortgage broker in NY State requires any licensing?

Jamaica, NY |

If a business located in NY State arranges loans (commercial real estate, equipment leasing, small business loans etc.) between borrowers and lenders for a fee, do they need to have a license to operate in the state?

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Attorney answers 2

Posted

Yes. Article 12-A of the New York Real Property Law requires you to be licensed as a real estate broker in order to arrange/negotiate any type of commercial real estate loan secured by a mortgage. I have included a link to the relevant portion of the NYS Department of State website below. Good luck.

Posted

Yes. See the attached.

http://www.dos.ny.gov/licensing/lawbooks/RE-Law.pdf

The above answer, and any follow up comments or emails is for informational purposes only and not meant as legal advice.

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