487.2137 License not transferable or assignable; change in control; duties of licensee; request for information or documentation; "control" defined.

334 words·~2 min read·/mi/chapter-487/487-2137

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Sec. 17.

(1)A license issued under this article is not transferable or assignable.

(2)The prior written approval of the commissioner is required for the continued operation of a licensee if there is a change in control of that licensee. The commissioner may require information considered necessary to determine whether a new application is required. The person that requests the approval shall pay the cost incurred by the commissioner in investigating the change of control request.

(3)A licensee shall do all of the following:

(a)At least 15 days before providing deferred presentment service transactions at any new location or under section 13(1)(c), provide written notice to the commissioner on a form prescribed by the commissioner of the name, street address, and telephone number of the new location or the detailed description required in section 13(1)(c).

(b)At least 15 days before discontinuing deferred presentment service transactions at any existing location or under section 13(1)(c), provide written notice to the commissioner on a form prescribed by the commissioner of the name, street address, and telephone number of the discontinued location or the detailed description of the services required in section 13(1)(c).

(4)A licensee shall comply with any request for information or documentation made by the commissioner under this act and shall comply with any reasonable written time deadlines imposed by the commissioner on that request.

(5)As used in this section, "control" means 1 of the following:

(a)For a corporation, direct or indirect ownership of, or the right to control, 10% or more of the voting shares of the corporation, or the ability of a person to elect a majority of the directors or otherwise effect a change in policy.

(b)For any entity other than a corporation, the ability to change the principals of the organization, whether active or passive.

History: 2005, Act 244 , Imd. Eff. Nov. 28, 2005