New Jersey Administrative Code
Title 3 - BANKING
Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS
Subchapter 2 - LICENSING
Section 3:15-2.16 - Sale or transfer or change of control of business licensee

Universal Citation: NJ Admin Code 3:15-2.16

Current through Register Vol. 56, No. 18, September 16, 2024

(a) A business licensee shall file a completed application for approval whenever a change of control of ownership of 25 percent or more of the licensee is planned. The change of control request shall be submitted at least 90 days prior to the anticipated sale date and shall include:

1. A fully executed change of control form as prescribed by the Commissioner;

2. A copy of the executed stock purchase agreement or other agreement evidencing the proposed sale;

3. A copy of the corporate resolution providing that existing officers and/or directors cease to hold positions and that new officers or directors are appointed, if applicable; and

4. Each new officer, partner, member or manager of an LLC, director and any other individual who, as a result of the sale, transfer, or change of control owns at least 10 percent of the business shall satisfy the requirements of 3:15-2.2.

(b) The Commissioner shall approve the sale or transfer or change of control unless, after an opportunity for a hearing, it is determined that there are sufficient grounds to deny the application. Unless the Commissioner issues a preliminary denial of the application and affords the applicant an opportunity for a hearing within 90 days of the Commissioner's receipt of the completed application, the application shall be deemed approved.

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