§ 5-5.1-14. Nontransferability of license. (a) No license issued pursuant to the provisions of this chapter shall be assigned or transferred, either by operation of law or otherwise.
(b) If a licensee dies, becomes disabled, or ceases to engage in the business, the successor, heir, devisee, or personal representative of the licensee shall, within thirty (30) days of the death, disablement, or other termination of operation by the original licensee, comply with all requirements of this chapter regarding application for a license.
(c) If a sale, assignment, transfer, merger, or consolidation of a business licensed under this chapter is consummated, the purchaser, assignee, transferee, surviving, or new corporation who or that is not already a licensee shall immediately comply with all requirements of this chapter regarding application for a license. The purchaser, assignee, transferee, surviving, or new corporation is subject to all of the requirements of this chapter to the extent the requirements are applicable and may continue the operation of the business until notified by the attorney general of its final decision on the new application for a license.
(d) With good cause, the attorney general may extend the period of time for filing the application required by subsections (b) and (c) of this section.
History of Section. (P.L. 1987, ch. 112, § 1.)
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