New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Mortgage Banks › Supervisory Procedure 103 - Application for a Change in Control of a Mortgage Banker › Section 103.4 - Information and documents required to be submitted

Current through Register Vol. 46, No. 28, July 10, 2024
A person seeking to acquire control of a mortgage banker
					 must submit information and documents as set forth below:
(a) Name and address of mortgage banker and
				  applicant. Set forth the name, address, principal place of business, telephone
				  and fax numbers of the applicant and of the mortgage banker in which an
				  interest is being acquired. If applicable, also state any trade or fictitious
				  names which have been or will be used by the applicant.
(b) Type of qualifying experience. Each
				  mortgage banker must have a person with the qualifying experience, as described
				  in Part 410 of this Title, as either an owner, general partner, trustee or
				  executive officer of the corporation. Such person shall be actively engaged in
				  the daily operations of the mortgage banker. State the name of the person who,
				  subsequent to the proposed change of control, will have such
				  experience.
(c) Organizational
				  structure and ownership of applicant. State whether the applicant is an
				  individual, corporation, partnership or trust. If an individual, set forth the
				  name, residence address and telephone and fax numbers of the individual
				  applicant. If a corporation, set forth the name, residence address, telephone
				  and fax numbers and percent of each class of outstanding capital stock owned by
				  each executive officer, director and principal stockholder. If a partnership,
				  set forth the name, residence address, telephone and fax numbers and percentage
				  ownership of each controlling member of the partnership. If a trust, set forth
				  the name, residence address and telephone and fax numbers of each trustee and
				  principal beneficiary of the trust. If a corporation, list the number and
				  percentage of stock owned by each stockholder owning less than 10 percent of
				  any class of the outstanding capital stock. If a partnership, state where the
				  articles of partnership were filed and the date of filing. If a corporation,
				  indicate the state of incorporation and the date of filing. List the complete
				  name and address of any branch, subsidiary, or other affiliate of the applicant
				  operating in this State.
(d) Name
				  and address of principal contact person. Set forth the name, complete address
				  and telephone and fax numbers of the person(s) having general responsibility
				  for the applicant to whom all communications from the Banking Department should
				  be addressed and the person(s) responsible for regulatory and financial
				  matters.
(e) Licenses received.
				  List all states in which the applicant, under this or any other name, or any
				  entity controlled by the applicant, is licensed to engage in any of the
				  following: banking, insurance, sales finance, small loan, mortgage lending,
				  insurance premium financing, real estate or securities, together with the name
				  of the operating company and the name and address of the agency responsible for
				  supervising the person or entity. Also, list any professional licenses held by
				  any of the foregoing.
(f) Prior
				  applications. The applicant, under this or any other name, any subsidiary or
				  other affiliate of the applicant, and, as applicable, any officer, director and
				  principal stockholder of a corporate applicant, any controlling member of a
				  partnership applicant and trustee and principal beneficiary of a trust
				  applicant shall submit information with respect to any refusal, revocation or
				  suspension of license(s), registration(s) or authorization(s) to do business in
				  this or any other state and/or any prior bankruptcy adjudications or criminal
				  convictions in this or any other state.
(g) Unsafe or unsound banking practices. The
				  applicant, under this or any other name, any subsidiary or other affiliate of
				  the applicant, and, as applicable, any officer, director and principal
				  stockholder of a corporate applicant, any controlling member of a partnership
				  applicant and any trustee and principal beneficiary of a trust applicant shall
				  submit information with respect to any finding of having conducted unsafe or
				  unsound practices while employed as an officer, director, or trustee of a
				  banking organization or having been removed as an officer, director, or trustee
				  of a banking organization by any bank regulatory agency.
(h) Financial information. The applicant
				  shall file:
(1) an audited consolidated
				  financial statement of the mortgage banker (only if the most recent financial
				  statement has not been filed with the Banking Department) prepared by an
				  independent certified public accountant as of the close of its most recent
				  fiscal year end with an opinion prepared by an independent certified public
				  accountant showing an adjusted net worth of no less than $250,000;
(2) if the applicant is a corporation,
				  partnership or trust, a financial statement, audited if available, for the
				  previous two years and unaudited financial statements of the applicant for each
				  fiscal quarter since the end of the most recent fiscal year end;
(3) written documentation that a line of
				  credit of not less than $1,000,000, provided by an unaffiliated banking
				  institution, insurance company or similar credit facility approved by the
				  superintendent will remain in effect after the change of control; and
(4) a pro forma financial statement for the
				  successor company, if applicable, showing an adjusted net worth of no less than
				  $250,000.