N.Y. Comp. Codes R. & Regs. tit. 3 § 102.3

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

Section 102.3 - Definitions

For purposes of this Supervisory Procedure:

(a) Executive officer is any officer who participates or has authority to participate in major policy-making functions of the institution, regardless of his or her title.

(b) Controlling member of a partnership is any general partner or any limited partner with 10 percent or more equity interest in the partnership.

(c) Affiliate is any person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the person specified.

(d) Subsidiary is any company, a majority of the voting stock of which is directly or indirectly owned, controlled or held with power to vote, by an applicant or any entity controlled by an applicant.

(e) Principal stockholder is any person who directly or indirectly owns, controls or holds with power to vote 10 percent or more of any class of outstanding capital stock of a corporation or possesses the power to direct or cause the direction of the management and policies of a mortgage broker.

(f) Principal beneficiary is any person or entity entitled to 10 percent or more of the benefit of the trust.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 102.3