NY S05144

Amends banking law sections 592 and 592-a to mandate that the superintendent SHALL NOT issue a mortgage banking license or mortgage broker certificate to applicants with specified disqualifying criminal or professional history.

Expands disqualifying felony convictions to include any felony conviction or nolo contendere plea in a domestic, foreign, or military court during the seven-year period before application or at any time if the felony involved fraud, dishonesty, breach of trust, or money laundering.

Adds disqualification for applicants or associated persons who have had a mortgage loan originator authorization, license, or license equivalent revoked in any governmental jurisdiction, with exception for subsequently vacated revocations.

Maintains existing disqualifications for those who were directors, partners, or substantial stockholders of entities with revoked licenses, or who were agents, employees, or officers of such entities and bore responsibility for the revocation.

Changes definition of "substantial stockholder" from "per centum" to "percent" and takes effect immediately.