N.Y. Comp. Codes R. & Regs. tit. 3 § 405.4

Current through Register Vol. 46, No. 25, June 18, 2024

Section 405.4 - Changes in directors, officers or stockholders

Every corporate licensee shall, within 10 days after the occurrence of the event:

(a) Advise the superintendent, in writing:

(1) of the name and residence of each stockholder owning 20 percent or more of any class of the outstanding capital stock of the licensee; and

(2) of each director and officer, who terminates or alters his status with the licensee, and the name and residence of each person who becomes a stockholder owning 20 percent or more of any class of the outstanding capital stock of the licensee, or a director or officer; and

(b) If paragraph (a)(2) of this section 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 premium finance agency in this State, and the disposition of such application;

(2) any such person, previously licensed under article XII-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 a premium finance agency, and the disposition of such application;

(4) any license to engage in the business of a premium finance agency, issued by any other state to any such person has ever been revoked or suspended;

(5) any such person has ever been found by the superintendent to have violated any of the provisions of article XII-B of the Banking Law or any rule or regulation of the superintendent; and

(c) Obtain from each person who becomes a stockholder owning 20 percent or more of any class of the outstanding capital stock of the licensee, or a director or officer, and transmit to the superintendent the following:

(1) an affidavit stating whether he has ever been indicted or convicted for any crime in any jurisdiction;

(2) a statement on the form required by the Banking Department certifying to the financial condition of such person;

(3) a statement or resume of the occupational activities of such person during the previous 10-year period.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 405.4