§ 5-5.1-14 - Non-transferability of license.
SECTION 5-5.1-14
§ 5-5.1-14 Non-transferability of license.– (a) No license issued pursuant to the provisions of this chapter shall beassigned or transferred, either by operation of law or otherwise.
(b) If a licensee dies, becomes disabled, or ceases to engagein the business, the successor, heir, devisee, or personal representative ofthe licensee shall, within thirty (30) days of the death, disablement, or othertermination of operation by the original licensee, comply with all requirementsof this chapter regarding application for a license.
(c) If a sale, assignment, transfer, merger, or consolidationof a business licensed under this chapter is consummated, the purchaser,assignee, transferee, surviving, or new corporation who is not already alicensee shall immediately comply with all requirements of this chapterregarding application for a license. The purchaser, assignee, transferee,surviving, or new corporation is subject to all of the requirements of thischapter to the extent the requirements are applicable and may continue theoperation of the business until notified by the attorney general of its finaldecision on the new application for a license.
(d) With good cause, the attorney general may extend theperiod of time for filing the application required by subsections (b) and (c)of this section.