N.Y. Comp. Codes R. & Regs. Tit. 3 § 401.2 - Application for acquisition of control of licensed lender by purchase of stock, merger, consolidation, purchase of assets or otherwise

(a) Application. An application for acquisition of control of a licensed lender may be obtained from the Banking Department, at the address set forth in section 1.1 of Supervisory Policy G 1 of this Title. If an application is requested in writing, the address should indicate the following: Attn: Licensed Financial Services Division.

(b) Financial responsibility. An applicant desiring to acquire control of a licensee shall have and maintain liquid assets of at least $50,000 for the operation of each place of business of the licensee. In addition, the applicant shall have and maintain net worth of at least $100,000 and a confirmed line of credit of at least $100,000 issued by any banking institution incorporated under the laws of the United States or any state or any insurance company.

(c) Background information. Unless the applicant is already licensed under article 9 of the Banking Law, the applicant shall provide a report from an independent investigatory firm detailing the personal and financial background of the applicant. This report shall contain the information necessary for the superintendent to determine whether the applicant has the financial responsibility, experience, character and general fitness required by article 9 of the Banking Law.

(d) Business background. Unless the applicant is already licensed under article 9 of the Banking Law, the applicant shall demonstrate to the superintendent's satisfaction that it has five years verifiable experience in the business of making consumer loans or similar lending and credit evaluation experience or that it has engaged or will engage in its employ one or more persons having such experience. The superintendent may permit other relevant educational or business experience to be credited towards satisfaction of the lending and credit evaluation experience requirement.

Notes

N.Y. Comp. Codes R. & Regs. Tit. 3 § 401.2