TITLE 19
Financial institutions

CHAPTER 19-14
Licensed Activities

SECTION 19-14-11


§ 19-14-11 Prohibition or transfer or assignment of license.

No license shall be transferable or assignable. A change in ownership of less than twenty-five percent (25%) of the voting stock or equity interests of a licensee shall not be considered a transfer or assignment of the license. A change in ownership of twenty-five percent (25%) or more of the voting stock or equity interests shall require notification to the director within fifteen (15) days of the change in ownership. Change in ownership application procedures, including reasonable response time requirements, shall be established by regulations promulgated by the director or the director's designee.

History of Section.
(P.L. 1995, ch. 82, § 52.)