3 CRR-NY 405.4NY-CRR
3 CRR-NY 405.4
3 CRR-NY 405.4
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license to engage in the business of a premium finance agency, issued by any other state to any such person has ever been revoked or suspended;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 Department of Financial Services 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.
3 CRR-NY 405.4
Current through March 31, 2022
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.