NY S01144

Prohibits mortgage bankers, brokers, and exempt organizations from conducting business with unlicensed or unregistered mortgage bankers or brokers, with an exception for entities providing non-residential subordinate loans.

Requires mortgage bankers, brokers, and exempt organizations to promptly notify the Department of Banking of any unlicensed or unregistered operations they discover.

Establishes civil penalties for unlicensed or unregistered persons or entities engaging in mortgage banking activities ranging from the amount of money paid to affected persons up to four times that amount.

Increases maximum civil penalties to the amount of actual damages for unlicensed or unregistered persons who continue unauthorized activities after receiving a cease and desist notice from the superintendent.

Takes effect on the thirtieth day after becoming law.