Requirements for Changes in Certain Individuals*

Pursuant to the following sections of the New York Banking Law (BL) and Superintendent’s Regulations (SR), licensees of the Department of Financial Services (DFS) are required to notify the Superintendent of changes in certain individuals, within stipulated time frames:

  • Budget Planners:  BL 580, 581, 583 and 583-a; and SR 402.2, 402.4 and 402.8
  • Check Cashers:  BL 367, 369 and 370-a; and SR 400.7
  • Licensed Lenders:  BL 342 and 345; and SR 401.1, 401.2 and 401.3
  • Money Transmitters:  BL 641, 642 and 652-a; and SR 406.11
  • Premium Finance Agencies:  BL 555, 555-a and 556; and SR 405.4
  • Sales Finance Companies:  BL 492 and 492-a; and SR 403.4

 

Included Individuals:

  • Members of the governing board such as directors, trustees, and LLC members
  • Officers (at a minimum Chief Executive Officer, President, Chief Financial Officer, Chief Compliance Officer, and Chief Operations Officer, and any other officers deemed necessary by DFS)

 

Documentary requirements for Each Included Individual Being Added:

 

Documentary requirements for Each Included Individual Being Removed:

Notification on the licensee's letterhead signed by an authorized officer containing the following:

  1. Name and title of the individual being removed
  2. Reason of the removal
  3. Effective date of the removal
  4. New title/position, if any

 

Where To Submit?

For matters related to Budget Planners, Check Cashers, Licensed Lenders, Money Transmitters, Premium Finance Agencies, and Sales Finance Companies, please submit the documents as directed by the DFS Portfolio Manager assigned to your institution.

For matters related to Virtual Currency, please submit the documents via email to [email protected].

*These requirements are for changes in certain individuals of licensees whose licenses are not managed on NMLS.  For those managed on NMLS, visit https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=ny, navigate to Company Licenses and Amendment under the pertinent industry type, and look under Change in Control on the Amendment Checklist.

**Background Investigation Reports are usually required only for individuals of licensed check cashers and money transmitters.  However, Background Investigation Reports may also be required for other officers, directors, stockholders, owners, and control persons of any licensee as determined by the Superintendent in her sole discretion.