NY S03832

Changes licensing requirements for mortgage bankers and mortgage brokers by making denial of licenses mandatory (rather than discretionary) when applicants or related persons meet specified disqualifying criteria.

Expands criminal disqualifications to include felony convictions in any domestic, foreign, or military court, and extends the lookback period to seven years for non-fraud felonies or applies indefinitely for felonies involving fraud, dishonesty, breach of trust, or money laundering.

Adds mortgage loan originator authorization, licenses, or license equivalents to the list of revoked credentials that disqualify applicants, and clarifies that formal vacation of a revocation does not count as a disqualification.

Changes statutory language from "per centum" to "percent" in the definition of substantial stockholder (10 percent or more of outstanding stock).

Takes effect immediately upon enactment.