32B-11-609 (Effective 07/01/11) - Notifying department of change in ownership.
32B-11-609 (Effective 07/01/11). Notifying department of change in ownership.
The commission may suspend or revoke a local industry representative license if a localindustry representative licensee does not immediately notify the department of a change in:
(1) ownership of the business;
(2) for a corporate owner, the:
(a) corporate officers or directors; or
(b) shareholders holding at least 20% of the total issued and outstanding stock of thecorporation; or
(3) for a limited liability company:
(a) managers; or
(b) members owning at least 20% of the limited liability company.
Enacted by Chapter 276, 2010 General Session