32-11-220. Scope of management assistance
32-11-220. Scope of management assistance. When providing management assistance, a licensee may provide management advice, management services, technical advice, and technical services. History: En. Sec. 21, Ch. 411, L. 2007.
32-11-221. Limitation to purposes of business
32-11-221. Limitation to purposes of business. Financing assistance and management assistance provided by a licensee to a business may be only for the business purposes of the business. History: En. Sec. 22, Ch. 411, L. 2007.
32-11-222. Control of other businesses
32-11-222. Control of other businesses. (1) A licensee may not hold control of another business except as provided under 32-11-223 and 32-11-224. (2) In this section, “licensee” includes the licensee in concert with a director, officer, controlling person, or affiliate of the licensee. History: En. Sec. 23, Ch. 411, L. 2007.
32-11-223. Control of assisted business
32-11-223. Control of assisted business. (1) A licensee that has provided financing assistance to a business may acquire and hold control of the business to the extent that it becomes necessary to protect the licensee’s interest as a creditor of or investor in the business. (2) Unless the department approves a longer period, a licensee holding control […]
32-11-224. Control of business providing financing assistance and management assistance or other businesses
32-11-224. Control of business providing financing assistance and management assistance or other businesses. (1) With the approval of the department, a licensee may acquire and hold control of another business that is engaged only in the business of providing financing assistance and management assistance to businesses. (2) With the approval of the department, a licensee may acquire […]
32-11-225. Business practice standards and reserve
32-11-225. Business practice standards and reserve. (1) A licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (2) Subject to subsection (3), in determining whether a licensee is transacting business in a safe and sound manner, the department may not consider the risk of providing […]
32-11-226. Other licenses
32-11-226. Other licenses. A corporation that is licensed under this chapter may apply for and be issued a license under another law of the state, the federal government, or another state unless the transaction of business by the corporation as a licensee under the other license would violate this chapter or would be contrary to the […]
32-11-213. and 32-11-214 reserved
32-11-213 and 32-11-214 reserved.
32-11-215. Board of directors
32-11-215. Board of directors. (1) The board of directors of a licensee must have at least seven directors. (2) The board of directors shall hold at least one meeting each calendar quarter. History: En. Sec. 13, Ch. 411, L. 2007.
32-11-216. Notice of officer and director changes
32-11-216. Notice of officer and director changes. Within 30 days after each of the following events, the licensee shall notify the department in writing of the event and provide any additional information that the department requires: (1) the death, resignation, or removal of a director or officer; (2) the election of a director; or (3) the appointment of an […]