NY Banking L § 370-A (2021)
2021 New York Laws BNK - Banking Article 9-A - Licensed Cashers of Checks 370-A - Changes in Control.

§ 370-a.  Changes  in control. 1. It shall be unlawful except with the   prior approval of the superintendent for any action to  be  taken  which   results  in  a change of control of the business of a licensee. Prior to   any change of control, the person desirous of acquiring control  of  the   business   of   a   licensee  shall  make  written  application  to  the   superintendent and pay an investigation fee as  prescribed  pursuant  to   section   eighteen-a   of   this  chapter  to  the  superintendent.  The   application shall contain such information  as  the  superintendent,  by   rule  or  regulation,  may prescribe as necessary or appropriate for the   purpose of making the determination required by subdivision two of  this   section.2.  The superintendent shall approve or disapprove the proposed change   of  control  of  a  licensee  in  accordance  with  the  provisions   of   subdivisions  one  and  six  of section three hundred sixty-nine of this   article. The superintendent shall approve or disapprove the  application   in  writing  within  ninety days after the date the application is filed   with the superintendent.3. For a period of six months from the date of  qualification  thereof   and  for  such  additional  period  of  time  as  the superintendent may   prescribe, in writing, the provisions of subdivisions  one  and  two  of   this  section  shall  not apply to a transfer of control by operation of   law to the legal representative, as hereinafter defined, of one who  has   control  of  a  licensee.  Thereafter,  such  legal representative shall   comply with the provisions of subdivisions one and two of this  section.   The  provisions  of  subdivisions  one  and two of this section shall be   applicable to  an  application  made  under  such  section  by  a  legal   representative.The  term  "legal  representative",  for the purposes of this section,   shall mean one duly appointed by a court of  competent  jurisdiction  to   act  as  executor,  administrator,  trustee,  committee,  conservator or   receiver, including one who succeeds  a  legal  representative  and  one   acting   in  an  ancillary  capacity  thereto  in  accordance  with  the   provisions of such court appointment.4. As used  in  this  section:  (a)  the  term  "person"  includes  an   individual,   partnership,   corporation,   association   or  any  other   organization, and (b) the term "control" means the possession,  directly   or  indirectly,  of  the  power  to direct or cause the direction of the   management and policies of a licensee, whether through the ownership  of   voting  stock  of  such  licensee,  the ownership of voting stock of any   person which  possesses  such  power  or  otherwise.  Control  shall  be   presumed  to exist if any person, directly or indirectly, owns, controls   or holds with power to vote ten per centum or more of the  voting  stock   of  any  licensee  or  of  any person which owns, controls or holds with   power to vote ten per  centum  or  more  of  the  voting  stock  of  any   licensee,  but no person shall be deemed to control a licensee solely by   reason of being an officer or director of such licensee or  person.  The   superintendent may in his discretion, upon the application of a licensee   or  any person who, directly or indirectly, owns, controls or holds with   power to vote or seeks to own, control or hold with power  to  vote  any   voting  stock  of such licensee, determine whether or not the ownership,   control or holding of such voting stock constitutes or would  constitute   control of such licensee for purposes of this section.