32B-11-609. Notifying department of change in ownership.
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/ut/title-32b/chapter-11/32b-11-609A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/3/2023
32B-11-609. Notifying department of change in ownership.
The commission may suspend, revoke, or deem forfeited a local industry representative license if a local industry representative licensee does not notify the department, within 60 days after the day on which the change occurs, of a change in:
(1)ownership of the business;
(2)for a corporate owner, the:
(a)corporate officers or directors; or
(b)shareholders holding at least 20% of the total issued and outstanding stock of the corporation; or
(3)for a limited liability company:
(a)managers; or
(b)members owning at least 20% of the limited liability company.
Amended by Chapter 371 , 2023 General Session