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 the stipulated time frame:

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

Included Individuals:

  • Members of the governing board such as directors, trustees, and LLC members
  • Officers (at the minimum Chief Executive Officer, President, Chief Financial Officer, Chief Compliance Officer, and Chief Operations Officer, to the extent the licensee has them, and any other officers deemed necessary by the DFS)
  • Control parties (only for budget planners)

Documentary requirements for Each Included Individual Being Added:

  • Notification on the licensee's letterhead signed by an authorized officer (control party only for budget planners), containing the following:
    • Name and title of the individual being added
    • Effective date of the addition
    • Name and title of the person being replaced, and his/her new title/position, if any
  • Resolution of the governing board approving the addition
  • Personal Questionnaire (PDF)
  • Fingerprints
  • Litigation Affidavit (PDF)
  • Authority to Release Information (PDF)
  • Resume

Documentary requirements for Each Included Individual Being Removed:

Notification on the licensee's letterhead signed by an authorized officer (control party only for budget planners) 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

Mail all required documents to:
NYS Department of Financial Services
Licensed Financial Services
One State Street
New York, NY 10004-1511