3772.091 [Effective 9/10/2010] Licenses not transferable; when new license required.
3772.091 [Effective 9/10/2010] Licenses not transferable; when new license required.
(A) No license issued under this chapter is transferable. New majority ownership interest or control shall require a new license. The commission may reopen a licensing investigation at any time. A significant change in or transfer of control, as determined by the commission, shall require the filing of an application for a new license and submission of a license fee with the commission before any such change or transfer of control is approved. A change in or transfer of control to an immediate family member is not considered a significant change under this section.
(B) As used in this section, “control” means either of the following:
(1) Either:
(a) Holding fifty per cent or more of the outstanding voting securities of a licensee; or
(b) For an unincorporated licensee, having the right to fifty per cent or more of the profits of the licensee, or having the right in the event of dissolution to fifty per cent or more of the assets of the licensee.
(2) Having the contractual power presently to designate fifty per cent or more of the directors of a for-profit or not-for-profit corporation, or in the case of trusts described in paragraphs (c)(3) to (5) of 16 C.F.R. 801.1, the trustees of such a trust.
Added by 128th General Assembly File No. 38, HB 519, § 1, eff. 9/10/2010.