N.Y. Comp. Codes R. & Regs. tit. 3 § 104.4

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

Section 104.4 - Information and documents required to be submitted

A person seeking control of a mortgage broker must submit information and documents as set forth below:

(a) Name and address of mortgage broker and applicant. Set forth the name, address, principal place of business, telephone and fax numbers of the applicant and of the mortgage broker 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 broker 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 operation of the mortgage broker. State the name of the person who, subsequent to the proposed change of control, will have such experience and the category that best describes the type of experience:

(1) real estate broker;

(2) credit experience;

(3) relevant business experience;

(4) attorney.

(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) Personal and financial information. As applicable, each individual applicant, each director, the three most senior executive officers and, if different, any officer(s) in charge of the New York operations of the registered mortgage broker and principal stockholder of a corporate applicant, controlling member of a partnership applicant or trustee and principal beneficiary of a trust applicant shall file a credit report and a personal history questionnaire which may be obtained from the Banking Department. Each principal stockholder shall complete a personal financial questionnaire. All of the above shall file an authority to release information form.

(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 or 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 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) Licenses received. List all states in which the applicant under this or any other name, or any subsidiary or other affiliate of 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 other professional licenses held by any of the foregoing.

(i) Description of acquisition. Describe the acquisition indicating the purpose, source of funds, financing terms, if applicable, and any contemplated changes in the organizational structure, management and staffing of the existing licensee.

(j) Corporate, partnership, trust or trade style documents of the applicant, to be submitted, as applicable:

(1) a copy of the certificate of incorporation;

(2) a copy of the qualification to do business in this State;

(3) a copy of the certificate of limited or general partnership;

(4) a copy of an executed partnership agreement;

(5) a certificate of the county clerk that a trade name or "doing business as" certificate has been filed in the office of the county clerk pursuant to section 130 of the General Business Law;

(6) a copy of an executed trust agreement; and

(7) a copy of any contract of sale or purchase agreement.

(k) Other documents to be submitted:

(1) fingerprint cards (New York State NON-CRIMINAL and FBI) for each individual applicant, executive officer, director and principal stockholder of a corporate applicant, controlling member of a partnership applicant, or trustee and principal beneficiary of a trust applicant, together with such fees as may be required for processing the fingerprints;

(2) credit report for each individual applicant, executive officer, director and principal stockholder of a corporate applicant, controlling member of a partnership applicant, or trustee and principal beneficiary of a trust applicant;

(3) affidavit of ownership filed by the applicant;

(4) litigation affidavit describing any legal proceedings against the applicant or against any executive officer, director or principal stockholder of a corporate applicant, controlling member of a partnership applicant, or trustee or principal beneficiary of a trust applicant; and

(5) taxpayer identification information form for the applicant.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 104.4