§ 13-08-07 — Nontransferability - Change in control of license

A license issued under this chapter is not transferable or assignable. The prior written
approval of the commissioner is required for the continued operation of a deferred presentment
service business if a change in control of a licensee occurs. Control in the case of a corporation
means direct or indirect ownership; the right to control twenty-five percent or more of the voting
shares of the corporation; or the ability of any person to elect a majority of the directors or
otherwise affect a change in policy. Control in the case of any other entity means the ability to
exchange the principals of the organization, whether active or passive. In the case of a change
of control request, the commissioner may require information the commissioner deems
necessary to determine whether a new application is required. A licensee shall notify the
commissioner fifteen days before any proposed change in the licensee's business location or
name.