{
  "question_text": "Which of the following must be included in the OFR change of control application?",
  "options": [
    "Disclosure of any affiliates or related entities of the proposed acquirer",
    "Proof of FDIC insurance coverage held by the incoming control person",
    "A signed waiver of the OFR's character and fitness review",
    "A copy of any existing license held by the incoming control person"
  ],
  "correct_answer": "Disclosure of any affiliates or related entities of the proposed acquirer",
  "correct_response": "Correct. The OFR change of control application must include disclosure of any affiliates or related entities. The full list of required items includes identity and background information for each incoming control person, a description of the proposed transaction and resulting ownership structure, financial statements of the proposed acquirer, source of funds, and affiliate disclosures.",
  "incorrect_response": "The OFR change of control application must include disclosure of any affiliates or related entities of the proposed acquirer. The complete required items are: identity and background information for each incoming control person, description of the proposed transaction, financial statements of the proposed acquirer, source of funds, and affiliate disclosures. A character and fitness review is required — it cannot be waived.",
  "unsure_response": null,
  "question_bank": [
    {
      "question_text": "What two pieces of information must be recorded in the location change filing log for each submission?",
      "options": [
        "The submission date and the OFR acknowledgment receipt",
        "The branch manager's name and the per-branch fee amount paid",
        "The effective date of the change and the names of affected employees",
        "The OFR case number and the date the change was internally approved"
      ],
      "correct_answer": "The submission date and the OFR acknowledgment receipt",
      "correct_response": "Correct. The filing log must record the submission date and the OFR acknowledgment receipt for each location change filing. This log is your evidence of timely compliance when examiners review your records during an OFR examination.",
      "incorrect_response": "The filing log must record the submission date and the OFR acknowledgment receipt for each filing. These two items together constitute your evidence of timely compliance during OFR examination. Branch manager names and employee information are not part of this log.",
      "unsure_response": null
    },
    {
      "question_text": "A location notification is submitted 75 calendar days after a branch closed. How will examiners treat this filing?",
      "options": [
        "As a compliance deficiency, because it was filed after the 60-calendar-day deadline",
        "As timely, because the 60-day deadline applies only to new location openings",
        "As acceptable, if the per-branch fee was included with the submission",
        "As a minor infraction that is corrected by submitting an amended filing"
      ],
      "correct_answer": "As a compliance deficiency, because it was filed after the 60-calendar-day deadline",
      "correct_response": "Correct. The OFR location notification must be submitted within 60 calendar days of the effective date for any location change — openings, address changes, and closures alike. Filing 75 days after the closure is late and constitutes a compliance deficiency that examiners will cite.",
      "incorrect_response": "The 60-calendar-day deadline applies to all location changes — openings, address changes, and closures. A notification submitted 75 days after a closure is late, and late notification is a compliance deficiency examiners will cite regardless of whether the fee was included.",
      "unsure_response": null
    }
  ],
  "enrichment_content": "<p><strong>Key point:</strong> For a change of control, initiate the OFR application immediately and submit complete documentation: identity and background for each incoming control person, transaction description, financial statements, source of funds, and affiliate disclosures. Meet every OFR deadline — missing one can jeopardize approval.</p><ul><li>For location changes, submit the OFR notification form and per-branch fee within <strong>60 calendar days</strong> of the effective date.</li><li>Log each filing: record the submission date and OFR acknowledgment receipt — this is your evidence during examination.</li><li>Post each OFR license separately at each location and display the authorized vendor notice at the point of service. A missing or outdated license is a violation examiners will cite.</li></ul>"
}