7-25-302. Changes in control of a licensee.
156 words·~1 min read·
/ut/title-7/chapter-25/7-25-302A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/12/2015
7-25-302. Changes in control of a licensee.
(1)A change in control of a licensee shall require prior notice to the commissioner. In the case of a publicly traded corporation, notification shall be made in writing within 15 days of a change or acquisition of control of a licensee. Upon notification, the commissioner may require information considered necessary to determine whether an application for a license is required. The commissioner may waive the filing of an application if, in the commissioner's discretion, the change in control does not pose a risk to the interests of the public.
(2)Whenever control of a licensee is acquired or exercised in violation of this section, the license of the licensee shall be considered revoked as of the date of the unlawful acquisition of control. The licensee, or its controlling person, shall surrender the license to the commissioner on demand.
Enacted by Chapter 284 , 2015 General Session