§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 $2,000.



(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.



(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]