Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 45.00 - The Licensing and Regulation of Money Services Businesses
Section 45.14 - Notice of Significant Events and Proposed Change in Ownership or Personnel
Universal Citation: 209 MA Code of Regs 209.45
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) A licensee files for bankruptcy or
reorganization;
(b) A licensee
receives:
1. Notification to cease and desist
in any state;
2. Notification of
the initiation of license denial, suspension, or revocation procedures in any
state; or
3. Notification of other
formal regulatory action against the licensee in any state;
(c) An officer, director, member,
or principal employee of a licensee being charged with a criminal offense that
is in any way related to check cashing, check selling, or money transmittal
activities of a licensee, including, but not limited to, the handling or
reporting of moneys received or instruments sold; or
(d) An officer, director, member, principal
employee, or manager of an authorized agent being convicted of any
felony.
(2)
(a) A licensee shall file a notice with the
Commissioner at least 30 days prior to the occurrence of any proposed change in
control. Upon such notice, the Commissioner may investigate the licensee as if
the licensee applied for a new license or as the Commissioner otherwise deems
necessary. In the case of a corporation, change in control is defined as:
1. A change of ownership by a person or group
acting in concert to acquire 10% of the stock; or
2. 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 shareholder; and
2. such other information as the Commissioner
may require.
(3)
(a) No
later than five days subsequent to a change in management of any authorized
agent that is engaged in the business of transmitting money on behalf of a
foreign transmittal agency at a licensed location in the Commonwealth, a notice
shall be filed with the Commissioner who may thereupon cause such investigation
to be made as the Commissioner deems necessary.
(b) A notice of change in management shall
contain the following information:
1. the
name, address, and occupation of each proposed manager of that location;
and
2. such other information as
the Commissioner may require.
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