(1) Prior to any change of control, the person seeking to acquire control of a licensee shall submit a written application to the superintendent in a form and substance acceptable to the superintendent, including but not limited to detailed information about the applicant and all directors, principal officers, principal stockholders, and principal beneficiaries of the applicant, as applicable.

(2) For purposes of this section, the term control means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a licensee whether through the ownership of stock of such licensee, the stock of any person that possesses such power, or otherwise. Control shall be presumed to exist if a person, directly or indirectly, owns, controls, or holds with power to vote 10 percent or more of the voting stock of a licensee or of any person that owns, controls, or holds with power to vote 10 percent or more of the voting stock of such licensee. No person shall be deemed to control another person solely by reason of his being an officer or director of such other person.

(3) The superintendent may determine upon application that any person does not or will not upon the taking of some proposed action control another person. Such determination shall be made within 30 days or such further period as the superintendent may prescribe. The filing of an application pursuant to this subdivision in good faith by any person shall relieve the applicant from any obligation or liability imposed by this section with respect to the subject of the application until the superintendent has acted upon the application. The superintendent may revoke or modify his or her determination, after notice and opportunity to be heard, whenever in his or her judgment revocation or modification is consistent with this Part. The superintendent may consider the following factors in making such a determination:

(4) The superintendent shall approve or deny every application for a change of control of a licensee hereunder within 120 days from the filing of an application deemed by the superintendent to be complete. Such period of 120 days may be extended by the superintendent, for good cause shown, for such additional reasonable period of time as may be required to enable compliance with the requirements and conditions of this Part.

(5) In determining whether to approve a proposed change of control, the superintendent shall, among other factors, take into consideration the public interest and the needs and convenience of the public.

(1) Prior to any such merger or acquisition, an application containing a written plan of merger or acquisition shall be submitted to the superintendent by the entities that are to merge or by the acquiring entity, as applicable. Such plan shall be in form and substance satisfactory to the superintendent, and shall specify each entity to be merged, the surviving entity, or the entity acquiring all or substantially all of the assets of the licensee, as applicable, and shall describe the terms and conditions of the merger or acquisition and the mode of carrying it into effect.

(2) The superintendent shall approve or deny a proposed merger or a proposed acquisition of all or a substantial part of the assets of a licensee within 120 days after the filing of an application that contains a written plan of merger or acquisition and is deemed by the superintendent to be complete. Such period of 120 days may be extended by the superintendent, for good cause shown, for such additional reasonable period of time as may be required to enable compliance with the requirements and conditions of this Part.

(3) In determining whether to so approve a proposed merger or acquisition, the superintendent shall, among other factors, take into consideration the public interest and the needs and convenience of the public.