NY S02896

Amends Banking Law sections 592 and 592-a to make superintendent refusal of mortgage banker licenses and mortgage broker certificates mandatory (rather than discretionary) when applicants meet certain disqualifying criteria.

Expands disqualifying felonies to include convictions in domestic, foreign, or military courts for fraud, dishonesty, breach of trust, or money laundering occurring within seven years before application or at any prior time.

Adds mortgage loan originator authorization, license, or license equivalent revocations by any governmental jurisdiction as a disqualifying factor for mortgage banker and broker applicants.

Clarifies that formal vacation of a revocation does not constitute a disqualifying revocation for licensing purposes.

Takes effect immediately upon enactment.