Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 20.00 - Small Loans, Sales Finance Companies And Insurance Premium Finance Companies
Section 20.06 - Notice of Significant Events and Proposed Change in Ownership or Personnel
Universal Citation: 209 MA Code of Regs 209.20
Current through Register 1537, December 20, 2024
(1) A Licensee shall be required to notify the Division in writing within one business day of the occurrence of any of the following significant developments:
(a) Licensee filing for bankruptcy or
reorganization.
(b) Notification of
the institution of license revocation procedures in any state against the
Licensee.
(c) The filing of a
criminal indictment any way related to the activities of a licensee, an
officer, director, or principal, including, but not limited to, the handling
and/or reporting of moneys received and/or instruments sold.
(d) A Licensee, officer, director, or
principal being convicted of a crime.
(2)
(a) 30
days prior to any proposed change in control occurs in the ownership of a
Licensee, or among the officers, partners or directors of a Licensee, a notice
shall forth with be filed with the Commissioner who may thereupon cause such
investigation to be made as he deems necessary, as if it were a new license. In
the case of a corporation, control is defined as a change of ownership by a
person or group acting in concert to acquire 10% of the stock,
or the ability of a person or group acting in concert to elect a majority of
the directors or otherwise effect a change in policy of the
corporation.
(b) A notice of change
in personnel or ownership shall contain the following information:
1. the name, address and occupation of each
proposed officer, partner, director or shareholders; and
2. provide such other information as the
Commissioner may require.
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