Notification Of Change Of Ownership Of A Licensed Mortgage Lender Or Broker
Fifteen days prior to any proposed change of ownership of a licensee, or among the officers, partners or directors of a licensee under Mass. Gen. Laws chapter 255E, a notice must be filed with the Commissioner of Banks pursuant to 209 CMR 42.12(3)(a). The notice of change in personnel or ownership must contain the name, address and occupation of each proposed officer, partner, director or shareholder(s); and provide such other information as the Commissioner may require. In the case of a corporation, the regulation defines control as a change in the ownership by a person or group acting in concert to acquire ten percent 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 the policy of the corporation. Such notice may be in the form of a letter addressed to the Commissioner of Banks.