[§449-8.6]  Sale or transfer of license or
change in control.  (a)  No escrow depository license shall be transferred.



(b)  A bona fide sale of all or substantially
all of the ongoing operations of a licensee shall not result in the assignment
or transfer of the escrow depository license.  The purchaser of all or
substantially all of the ongoing operations of a licensee shall file an
application for approval in accordance with this chapter and shall not act as
an escrow depository unless it has been licensed by the commissioner.



(c)  If the licensee is a corporation, any
intended transfer of its voting stock which may result in the acquisition of
control of the licensee may be considered a transfer of license.  Any intended
transfer of the voting stock which may result in the acquisition of control
shall be reported to the commissioner in writing.  Upon determination by the
commissioner that the intended transfer will result in the acquisition of
control, the transferee of the stock shall file an application for approval to
act as an escrow depository and shall not acquire control of an escrow
depository until the transferee has been approved by the commissioner. [L 1992,
c 205, pt of §1]