Section 454F-1.6 - Presumption of controlAn individual is presumed to control a mortgage loan originator company if that individual is:
(1) An executive officer; or(2) A director, general partner, or managing member who directly or indirectly has the right to vote ten per cent or more of a class of voting securities or has the power to sell or direct the sale of ten per cent or more of a class of voting securities of that licensee or applicant.Amended by L 2017, c 150,§ 2, eff. 9/1/2017.Amended by L 2016, c 122,§ 5, eff. 7/1/2016.Amended by L 2013, c 168,§ 4, eff. 6/21/2013.Amended by L 2012, c 252, § 4, eff. 7/1/2012.