Section 383:9-h Change in Control of Nondepository Financial Institution. - New Hampshire Statutes

No change in control of a nondepository financial institution shall occur without the prior approval of the bank commissioner. The term ""change of control'' shall mean the direct or indirect acquisition by a person or group of persons acting in concert of 10 percent or more of the beneficial ownership or control of the voting shares. The person or group seeking to acquire control of the nondepository financial institution shall submit an application and a $500 application fee to the bank commissioner for approval which shall contain such financial, business, experience, and other information as the bank commissioner shall require to determine whether such person or group is suitable to exercise control of a nondepository financial institution. Upon receipt of a complete application, the bank commissioner may hold a hearing on such application and shall make a decision within 60 days after receipt of the application.

Source. 1998, 139:1. 2004, 231:1, eff. June 11, 2004.