The licensee shall inform the department in writing, within 10 days of the occurrence, of the name of any director, stockholder, officer, owner, partner, employee or other individual connected with the business of the licensee who terminates or alters his or her status with the licensee, and the name of any individual who becomes connected with the business of the licensee as a director, stockholder, officer, employee or in any other capacity. Any change in partnership, or in the ownership or in the officers, directors or stockholders of a corporation, or in the persons financially interested in the business of the licensee, will not become effective until approved by the superintendent. If the superintendent finds that an individual who becomes connected with the business of a licensee does not meet the standards set forth in section 369 of the Banking Law, the licensee, upon receiving written notice of such findings, shall immediately take steps to ensure that such individual ceases to have any connection with the licensee. The superintendent may request any information and documentation from the licensee in determining whether to approve any such individuals. Nothing in this section shall be deemed to apply to any person who becomes connected with the business of the licensee and who is required to submit an application under section 400.1 of this Part to acquire control of the licensee.