Contents 489D-1 Short title 489D-2 Purpose 489D-3 License required 489D-4 Definitions 489D-5 Exclusions 489D-6 License qualifications 489D-6.2 Registration with NMLS 489D-7 Bond or other security device 489D-8 Permissible investments and statutory trust 489D-9 License and registration; application 489D-9.5 Limited exemption for financial institutions; financial institutions as authorized delegates 489D-10 Application and license fees 489D-11 Issuance of license; grounds for denial 489D-12 Renewal of license and annual report 489D-12.5 Penalties and other charges 489D-13 Licensee liability 489D-14 Extraordinary reporting requirements 489D-14.5 Name change 489D-15 Changes in control of a licensee 489D-16 Money laundering reports 489D-17 Examinations 489D-18 Maintenance of records 489D-19 Confidentiality of records 489D-20 Money transmitter receipts and refunds 489D-21 Authorized delegate contracts 489D-22 Authorized delegate; conduct 489D-22.5 Voluntary surrender of license 489D-23 Prohibited practices 489D-24 Suspension or revocation of licenses 489D-25 Suspension or revocation of authorized delegates 489D-26 Orders to cease and desist 489D-27 Consent orders 489D-28 Civil penalties 489D-29 Criminal penalties 489D-30 Unlicensed persons 489D-31 Administrative procedures 489D-32 Hearings 489D-33 Division functions 489D-34 Rules

     §489D-15  Changes in control of a licensee.  (a)  A licensee shall submit to the commissioner an application requesting approval of a proposed change of control of the licensee, accompanied by a nonrefundable application fee of $2,500.

     (b)  After review of a request for approval under subsection (a), the commissioner may require the licensee to provide additional information concerning the persons who are to assume control of the licensee.  The additional information shall be limited to similar information required of the licensee or persons in control of the licensee as part of its original license or renewal application under sections 489D-9 and 489D‑12 and shall include the history of the applicant's material litigation and criminal convictions for the five-year period prior to the date of the application for change of control of the licensee.

     (c)  The commissioner shall approve a request for change of control under subsection (a) if, after investigation, the commissioner determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to control the licensee or person in control of the licensee in a lawful and proper manner, and that the interests of the public will not be jeopardized by the change of control.

     (d)  The following persons are exempt from the requirements of subsection (a), but the licensee regardless, shall notify the commissioner of a change of control:

     (1)  A person who acts as a proxy for the sole purpose of voting at a designated meeting of the security holders or holders of voting interests of a licensee or person in control of a licensee;

     (2)  A person who acquires control of a licensee by devise or descent;

     (3)  A person who acquires control as a personal representative, custodian, guardian, conservator, trustee, or as an officer appointed by a court of competent jurisdiction or by operation of law; or

     (4)  A person who the commissioner, by rule or order, exempts in the public interest.

     (e)  Subsection (a) shall not apply to public offerings of securities.

     (f)  Before filing a request for approval for a change in control, a person may request in writing, a determination from the commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction.  If the commissioner determines that the person would not be a person in control of a licensee, the commissioner shall enter an order to that effect and the proposed person and transaction shall not be subject to the requirements of subsections (a) through (c). [L 2006, c 153, pt of §1; am L 2008, c 195, §10; am L 2013, c 167, §10]