§ 5-57-24 - Transfer for assignment of licenses – Continuation of business upon owner's death.
SECTION 5-57-24
§ 5-57-24 Transfer for assignment oflicenses – Continuation of business upon owner's death. – (a) No license issued pursuant to the provisions of this chapter shall beassigned or transferred, either by operation of law or otherwise.
(b) If the license is held by an owner rather than acorporation and that owner dies, becomes disabled or ceases to engage in thealarm business, the successor, heir, devisee, or personal representative ofthat owner, within thirty (30) days of the death, disablement, or terminationof operation by the original licensee, shall apply for an alarm businesslicense on a form prescribed by the licensing authority. This form shallinclude the same information required by § 5-57-15. The transferee shallbe subject to the same requirements and procedures prescribed in §§5-57-16 – 5-57-21 to the extent the sections are applicable. The newapplicant may assume that the unexpired portion of the license will remain ineffect until its expiration date. The applicant shall pay a pro-rated licensefee established by the licensing authority to include that portion of thelicense which remains unexpired since its last date of issue or renewal.
(c) In the event that a sale, assignment, or transfer of analarm business licensed under this chapter is consummated, then the purchaser,assignee, or transferee shall be subject to the same requirements andprocedures prescribed in §§ 5-57-15 – 5-57-21 to the extentthose sections are applicable.
(d) With good cause, the licensing authority may extend theperiod of time for filing the application required by subsections (b) and (c)of this section.