N.Y. Comp. Codes R. & Regs. tit. 3 § 110.3
Current through Register Vol. 46, No. 43, October 23, 2024
Section 110.3 - Change of control application(a) Application requirements. Each applicant for approval of a change of control of an MLS shall submit the following documents as part of its application: (1) A completed application form, in the form prescribed by the superintendent, a copy of which is available on the department's website, which application shall be attested to by the applicant.(2) Fingerprint cards with fingerprint certification, which shall be submitted to the address specified in section 110.2 of this Supervisory Procedure.(3) The prescribed fees, which shall be submitted electronically together with the application. A schedule of fees and a list of acceptable forms of payment shall be available at the department's website set forth in section 1.1 of Supervisory Policy G 1 of this Title. The fees shall consist of: (i) an investigation fee in the amount, if any, specified in section 18-a of the Banking Law;(ii) fingerprint processing fees collected by the State Division of Criminal Justice Services and/or the NMLSR; and(iii) a processing fee charged by the NMLSR. If the application is denied or withdrawn, none of these fees will be refunded.
(b) Time periods. The superintendent shall approve or disapprove the application in writing within 90 days after the date the application is filed with the superintendent. The period for approval or disapproval shall commence on the date that the department has received both the applicable filing fee and an application determined by the department to be complete and prepared in accordance with this Supervisory Procedure.(c) Execution. The application shall contain the acknowledgment and attestation of the applicant. If the applicant is a partnership, corporation, trust or other entity, the acknowledgment and attestation shall be made by a controlling member, authorized executive officer or trustee as applicable. A corporate applicant shall submit a copy of the corporate resolution authorizing the officer to execute the application on behalf of the corporation. Each person executing the application shall: (1) certify that the superintendent will be promptly advised of any changes which may occur in the information furnished in the application subsequent to the date upon which the information was furnished; and(2) affirm, under penalty of perjury, that such person has reviewed the application and that the application does not make any untrue statement of a material fact or omit any material fact necessary in order that the application not be misleading. If the application is executed outside of New York State, a county clerk's certificate authenticating the signatures of the notaries taking the acknowledgments must be affixed to the application.(d) Additional information and in-person conferences. The superintendent reserves the right to require additional information in connection with the application. In the absence of a showing of undue hardship, the superintendent may also require that the applicant and any officers, directors and/or representatives of the applicant appear at the department for conferences. The applicant may submit any additional information it deems pertinent to the application.(e) Notification. If, as a result of the acquisition, there will be changes in the locations where the examination of the mortgage loan servicer is to be conducted or other address changes involving the location of the items listed below, the Mortgage Banking Unit of the department should be notified at the time of application or as soon as the decision to make the change has been made:(2) mortgage servicing files;(5) internal auditing department;(6) servicing department;(8) person in overall charge;(9) person in charge of New York operations;(10) contact for regulatory matters;(11) contact for financial matters.N.Y. Comp. Codes R. & Regs. Tit. 3 § 110.3