NY Banking L § 594-B (2021)
2021 New York Laws BNK - Banking Article 12-D - Licensed Mortgage Bankers 594-B - Changes in Control.

§ 594-b.  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 or   registrant. Prior to any change  of  control,  the  person  desirous  of   acquiring control of the business of a licensee or registrant 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 licensee   by subdivision one of section five hundred ninety-one of this article or   required  for  a  registrant  by subdivision one of section five hundred   ninety-one-a of this article.2. The superintendent shall approve or disapprove the proposed  change   of control of a licensee or registrant in accordance with the provisions   of section five hundred ninety-two of this article relating to licensees   or  section  five  hundred  ninety-two-a  of  this  article  relating to   registrants.  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   or   registrant.   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 or registrant, whether through the   ownership  of voting stock of such licensee or registrant, 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 registrant 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 or registrant, but no  person  shall   be  deemed to control a licensee or registrant solely by reason of being   an officer or director of such licensee or  registrant  or  person.  The   superintendent may in his discretion, upon the application of a licensee   or  registrant 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 or registrant, determine   whether or not the ownership, control or holding of  such  voting  stock    constitutes  or  would constitute control of such licensee or registrant   for purposes of this section.