NY S05463

Eliminates banking board oversight requirements and grants superintendent sole authority to approve banking organization certificates, issue authorization certificates, and promulgate regulations for banking institutions.

Allows superintendent to suspend or revoke mortgage banker and mortgage broker licenses for nonpayment of fees, failure to file reports, bond cancellation, or bankruptcy filings without notice or hearing, with automatic termination after 90 days unless deficiencies are cured.

Prohibits lenders from increasing interest rates on residential mortgage loans (1-6 family homes and cooperative apartments) after a borrower defaults, except for variable-rate loans with pre-existing rate adjustment provisions unrelated to default.

Permits preservation of banking records through electronic storage media meeting specified standards (non-rewritable, non-erasable, quality verification, superintendent-readable format) instead of requiring original paper or photographic copies.

Modifies fingerprint submission requirements to allow superintendent discretion in obtaining criminal history searches and permits waiver of fingerprint requirements for applicants with recent background checks from other regulators or securities exchanges.