[§441-30.5]  Transfer of license.  (a) 
No license issued under this chapter shall be transferred, assigned, or loaned
to another person.  Any transaction involving the transfer of a licensee's
business to another person shall require the prior approval of the director.



(b)  The director may disapprove the proposed
transfer of a license:



(1)  For failure of the current licensee to meet and
satisfy the requirements of section 441-46;



(2)  For failure of the person intending to assume the
current licensee's business to meet and satisfy the requirements of section
441-21; or



(3)  In the interest of the contract holders of the
current licensee.



(c)  Within sixty days after receipt of the
notification of disapproval of the transfer of the licensee's business, the
licensee may request an administrative hearing to review the disapproval
pursuant to chapter 91. [L 1988, c 73, §1]