NY Banking L § 715 (2021)
2021 New York Laws BNK - Banking Article 14-A - Student Loan Servicers 715 - Changes in Control.

§  715.  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 student loan   servicer required to be licensed under section seven hundred  eleven  of   this  article.  Prior  to  any change of control, the person desirous of   acquiring control of the business of a student loan servicer 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. This information shall include but  not   be  limited to the information and other material required for a student   loan servicer by subdivision one of section seven hundred twelve of this   article.2. The superintendent shall approve or disapprove the proposed  change   of  control  of  a  student  loan servicer required to be licensed under   section seven hundred eleven of this  article  in  accordance  with  the   provisions of section seven hundred thirteen of this article.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   student   loan   servicer.   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 subdivision, 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 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 student loan servicer, whether  through   the  ownership  of  voting  stock  of  such  student  loan servicer, 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 student loan servicer or of any person   which owns, controls or holds with power to vote ten per centum or  more   of the voting stock of any student loan servicer, but no person shall be   deemed  to  control a student loan servicer solely by reason of being an   officer or director of such student loan  servicer.  The  superintendent   may  in  his  or  her discretion, upon the application of a student loan   servicer 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 student loan servicer,  determine  whether   or   not  the  ownership,  control  or  holding  of  such  voting  stock   constitutes or would constitute control of such  student  loan  servicer   for purposes of this section.