§ 715. Changes in control. 1. It shall be unlawful except with the
prior approval of the superintendent for any action to be taken which
results in a change of control of the business of a student loan
servicer required to be licensed under section seven hundred eleven of
this article. Prior to any change of control, the person desirous of
acquiring control of the business of a student loan servicer shall make
written application to the superintendent and pay an investigation fee
as prescribed pursuant to section eighteen-a of this chapter to the
superintendent. The application shall contain such information as the
superintendent, by rule or regulation, may prescribe as necessary or
appropriate for the purpose of making the determination required by
subdivision two of this section. This information shall include but not
be limited to the information and other material required for a student
loan servicer by subdivision one of section seven hundred twelve of this
article.

2. The superintendent shall approve or disapprove the proposed change
of control of a student loan servicer required to be licensed under
section seven hundred eleven of this article in accordance with the
provisions of section seven hundred thirteen of this article.

3. For a period of six months from the date of qualification thereof
and for such additional period of time as the superintendent may
prescribe, in writing, the provisions of subdivisions one and two of
this section shall not apply to a transfer of control by operation of
law to the legal representative, as hereinafter defined, of one who has
control of a student loan servicer. Thereafter, such legal
representative shall comply with the provisions of subdivisions one and
two of this section. The provisions of subdivisions one and two of this
section shall be applicable to an application made under such section by
a legal representative. The term "legal representative", for the
purposes of this subdivision, shall mean one duly appointed by a court
of competent jurisdiction to act as executor, administrator, trustee,
committee, conservator or receiver, including one who succeeds a legal
representative and one acting in an ancillary capacity thereto in
accordance with the provisions of such court appointment.

4. As used in this section the term "control" means the possession,
directly or indirectly, of the power to direct or cause the direction of
the management and policies of a student loan servicer, whether through
the ownership of voting stock of such student loan servicer, the
ownership of voting stock of any person which possesses such power or
otherwise. Control shall be presumed to exist if any person, directly or
indirectly, owns, controls or holds with power to vote ten per centum or
more of the voting stock of any student loan servicer or of any person
which owns, controls or holds with power to vote ten per centum or more
of the voting stock of any student loan servicer, but no person shall be
deemed to control a student loan servicer solely by reason of being an
officer or director of such student loan servicer. The superintendent
may in his or her discretion, upon the application of a student loan
servicer or any person who, directly or indirectly, owns, controls or
holds with power to vote or seeks to own, control or hold with power to
vote any voting stock of such student loan servicer, determine whether
or not the ownership, control or holding of such voting stock
constitutes or would constitute control of such student loan servicer
for purposes of this section.