|(a) When a Class A or B license is reclassified as
a Class C license, a fee in the amount of the difference in the cost
of the licenses shall be paid. There shall be no refund when a Class
C license is reclassified as a Class A or Class B license.
(b) The department may approve the assignment of a
company license to the spouse or heir(s) of a deceased owner provided:
(1) A copy of the owner's death certificate is filed
with the department;
(2) A copy of the Will, Order Admitting Will to Probate,
Letters of Testament, Affidavit of Heirship with two affiants' signatures,
or Order of Heirship is filed with the department; and
(3) In the case of the death of a qualified manager,
that a replacement manager is qualified within ninety (90) days.
(c) Other assignments will be permitted only under
one of the conditions detailed in this subsection:
(1) the ownership in the assignor and assignee will
remain the same;
(2) the registered owners holding at least 25% ownership
in the original license, and collectively holding a majority ownership
interest, consent to the assignment; or
(3) if there is an insufficient number of registered
owners holding at least 25% ownership in the original license to potentially
hold a majority in ownership interest in the license, the license
may be assigned by written consent of the qualified manager or an
individual designated and verified by affidavit by the qualified manager
as authorized to assign the license.
(d) The assignor must provide the department written
documentation establishing the intended date of assignment and notarized
statements establishing the consent of a majority of the owners of
the current license, or if applicable, the qualified manager, from
the appropriate individuals. The assignee must ensure any new owners
required to register are currently approved by the department. The
assignee may not perform regulated services prior to the proposed
date of assignment or the date of the department's approval of all
required registration applications for new owners, whichever is later.
The assignor must cease performance of all regulated services on the
earlier of either the proposed date of assignment or the date of surrender
or termination of any related owner registrations.
(e) An additional assignment fee will be assessed as
provided by this chapter upon assignment of a license under subsection
(b) or (c) of this section.
(f) A license may only be terminated by consent of
the registered owners holding at least 25% in the licensed company
and collectively holding a majority ownership interest, unless the
ownership structure of the company has an insufficient number of such
owners to potentially represent a majority, in which case the license
may be terminated by written consent of the qualified manager or an
individual designated by the qualified manager verified by affidavit
by the manager as authorized to terminate the license. The license
holder must provide the department written documentation reflecting
the intended date of termination and the consent of the appropriate
individuals in the form of notarized statements.
(g) An assignment or termination effected by written
consent of the qualified manager may be overturned within thirty (30)
calendar days of the department's receipt of the qualified manager's
consent documentation by majority vote of the entity's board of directors
or the equivalent level decision making body of the licensee. Documentation
of the vote must be received by the department within ten (10) business
days of the board's decision.