NRS 628B.380 License not transferable or assignable; authority to merge or consolidate with, or transfer assets and control to other licensee with approval of Commissioner; report of certain changes to Commissioner; approval of Commissioner; cost of investigation.

453 words·~2 min read·/nv/chapter-628b-private-professional-guardians/628b-380·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. A license issued pursuant to this chapter is not transferable or assignable, but upon the approval of the Commissioner and any applicable court of jurisdiction, a private professional guardian company may merge or consolidate with, or transfer its assets and control to, another entity that holds a license pursuant to this chapter. In determining whether to grant the approval, the Commissioner may consider the factors set forth in NRS 628B.330 .

2. If a change in the control of a private professional guardian company occurs, the chief executive officer or managing member of the company shall report the change in control and the name of the person obtaining control to the Commissioner within 5 business days after obtaining knowledge of the change.

3. A private professional guardian company shall, within 5 business days after a change occurs in the chief executive officer, managing member, a majority of the directors or managing directors of the company or the employment of any private professional guardian, report the change to the Commissioner. The company shall include in its report to the Commissioner a statement of the past and current business and professional affiliations of each new chief executive officer, managing member, director, managing director or private professional guardian.

A new chief executive officer, managing member, director, managing director or private professional guardian shall furnish to the Commissioner a complete financial statement on a form prescribed by the Commissioner.

4. A person who intends to acquire control of a private professional guardian company shall submit an application to the Commissioner. The application must be submitted on a form prescribed by the Commissioner. The Commissioner shall conduct an investigation pursuant to NRS 628B.330 to determine whether the person has a good reputation for honesty, trustworthiness and integrity and is competent to control the private professional guardian company in a manner which protects the interests of the general public.

5. The private professional guardian company of which the applicant intends to acquire control shall pay the nonrefundable cost of the investigation as required by the Commissioner. If the Commissioner denies the application, the Commissioner may prohibit or limit the applicant’s participation in the business.

6. As used in this section, “control” means the possession, directly or indirectly, of the authority to direct or cause the direction of the management and policy of a private professional guardian company, or a change in the ownership of at least 25 percent of the outstanding voting stock of, or participating members’ interest in, the company.