N.Y. Comp. Codes R. & Regs. tit. 3 § 418.8

Current through Register Vol. 46, No. 45, November 2, 2024

Section 418.8 - Changes in directors, officers or control of Mortgage Loan Servicer

(a)Change in control. It shall be unlawful except with the prior approval of the Superintendent for any action to be taken which results in a change of control of the business of a Mortgage Loan Servicer.

1. For purposes of this Part, a "change in control" shall have the same meaning with respect to an MLS that it has for a Mortgage Banker or Mortgage Broker under section 594-b of the Banking Law.

2. For a period of six months from the date of qualification of a legal representative, and for such additional period of time as the Superintendent may prescribe, in writing, the provisions of this Section 418.8 shall not apply to a transfer of control by operation of law to the legal representative, as defined in Section 594-b (3) of the Banking Law, of one who has control of a Mortgage Loan Servicer.

3. Approval of a change of control of a Mortgage Loan Servicer shall be governed by the same standards as an applicant for registration as an MLS under sections 418.2 and 418. 7 of this Part, as applicable.

4. Each application for change of control of a Mortgage Loan Servicer shall be subscribed by the applicant under penalty of perjury and shall contain the information and documents referred to in Supervisory Procedure MB 110, as well as any other information and documents as the Superintendent may require to assist in reviewing the application.

5. Fee. A completed application must be accompanied by payment of a non-refundable application fee. The amount of such fee is $3,000, as provided in section 18-a of the Banking Law.

(b)Change in officers and directors. Every Mortgage Loan Servicer shall within 10 days after a change of any of the directors or the three most senior executive officers or, if different, any officer(s) in charge of the New York operations of the Servicer, submit to the Superintendent, in writing:

1. The name, address and occupation of such new executive officer or director; and

2. Such other information as the Superintendent may require to assist in reviewing the application.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 418.8

Adopted New York State Register July 17, 2019/Volume XLI, Issue 29, eff. 7/17/2019