N.Y. Comp. Codes R. & Regs. tit. 3 § 403.4

Current through Register Vol. 46, No. 43, October 23, 2024

Section 403.4 - Changes in directors, officers or stockholders

(a) Every corporate licensee shall within 10 days after the occurrence of the event advise the superintendent, in writing:

(1) of the name and residence of each stockholder owning 20 percent or more of the stock of the licensee, and of each director and officer who terminates or alters his status with the licensee, and

(2) the name and residence of each person who becomes a stockholder owning 20 percent or more of the stock of the licensee, or a director or officer.

(b) If paragraph (2) above is applicable, advise the superintendent, in writing, whether or not:

(1) any such person has ever previously applied for a license to do business as a sales finance company in this State, and the disposition of such application;

(2) any such person, previously licensed under article 11-B of the Banking Law, has had such license revoked or suspended;

(3) any such person has ever applied to any other State for a license to engage in the business of acquiring retail installment contracts, obligations or credit agreements, and the disposition of such application;

(4) any license to engage in the business of acquiring retail installment contracts, obligations or credit agreements, issued by any other State to any such person, has ever been revoked or suspended;

(5) any such person has ever been found guilty of violating any of the provisions of article 11-B of the Banking Law or any other law regulating retail installment sales contracts, obligations or credit agreements;

(6) any such person has ever been responsible for any act or omission in consequence of which a license issued under article 11-B of the Banking Law to any person has been revoked or suspended.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 403.4