§ 45-18-110 — Licensee's change of address, name and/or ownership - Revocation of license

(a) No licensee shall change its address unless it has given fourteen (14) days prior notice to the commissioner. (b) No licensee shall change its name unless it has given fourteen (14) days prior notice to the commissioner. (c) A change in control of a licensee shall require prior written notice to the commissioner. In the case of a publicly traded corporation, notice shall be made in writing within thirty (30) days of a proposed change or acquisition of control of a licensee. Upon notification, the commissioner may require such information deemed necessary to determine whether an application for a license is required. "Control," in the case of a corporation, has the meaning used in § 45-18-102 . "Control," in the case of any other entity, means any change in the principals of the organization, whether active or passive. Costs incurred by the department in investigating a change in control request shall be paid by the person or persons requesting approval. The commissioner may waive the filing of an application if, in the commissioner's discretion, the change of control does not pose any risk to the interests of the public. (d) Whenever control of a licensee is acquired or exercised in violation of this section, the license shall be deemed revoked as of the date of the unlawful acquisition of control. The licensee, or its controlling person, shall surrender the license to the commissioner on demand. (e) If the commissioner approves of the change of name, location or ownership and an amended license must be issued, a fifty dollar ($50.00) fee shall be paid for the amended license.

Legislative History

Acts 1997 , ch. 309, § 10.