| (a) Change of ownership. A vehicle lessor or vehicle
lease facilitator that proposes to sell or assign to another any interest
in the licensed entity, whether a corporation or otherwise, provided
the physical location of the licensed entity remains the same, shall
notify the department in writing within 10 days by filing an application
to amend the license. If the sale or assignment of any portion of
the business results in a change of entity, then the purchasing or
assignee entity must apply for and obtain a new license. A publicly
held corporation licensed as a vehicle lessor or vehicle lease facilitator
needs only inform the department of a change in ownership if one person
or entity acquires 10% or greater interest in the licensed entity.
(b) Change of operating status of business location.
A license holder shall obtain department approval prior to opening
a satellite location or relocating an existing location, in accordance
with §215.176 of this title (relating to More than One Location).
A license holder must notify the department when closing an existing
location or a satellite location.
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