28-46-406. NONTRANSFERABILITY — CHANGE IN CONTROL. (1) Other than the transfer of a license to a new location as set forth in subsection (3) of this section, a license issued pursuant to this chapter is not transferable or assignable.
(2) The prior written approval of the administrator is required for the continued operation of a payday loan business whenever a change in control of a licensee is proposed. Control in the case of an entity means direct or indirect ownership, or the right to vote or otherwise control, twenty-five percent (25%) or more of the governance interests of the entity, or the ability of any person to elect a majority of the directors. The administrator may require information deemed necessary to determine whether a new application is required. Costs incurred by the administrator in investigating a change of control request shall be paid by the licensee requesting such approval.
(3) A licensee shall notify the administrator in writing at least fifteen (15) days before any proposed changes in the licensee’s business location or name.
History:
[28-46-406, added 2003, ch. 182, sec. 1, p. 493.]
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