32-11-301. Disclosure of potential conflict of interest — terms and conditions — examples. (1) A person shall disclose a potential conflict of interest that occurs in a transaction in the financing documents of the transaction or, if the transaction does not involve financing assistance, in another appropriate document if the person: (a) participates in a decision of […]
32-11-302. Acquiring control of licensee — application — determination. (1) A person may not acquire control of a licensee without the prior approval of the department. (2) The department shall approve an application to acquire control of a licensee if the department determines that: (a) the applicant and the directors and officers of the applicant are of good […]
32-11-303. Merger — purchase — sale. (1) A licensee may not merge with another corporation unless the merger is approved by the department, and, if the licensee is not the surviving corporation, the surviving corporation is a licensee. (2) A licensee may not purchase all or substantially all of the business of another person unless the purchase […]
32-11-304. Records and report requirements. (1) A licensee shall make and keep books, accounts, and other records in the form and manner, at the place, and for the period of time that the department establishes. (2) A licensee, an affiliate of a licensee, and a subsidiary of a licensee shall file with the department the reports that […]
32-11-305. Records kept by others. (1) If a person other than a licensee makes or keeps all or part of the books, accounts, or other records of the licensee, this chapter applies to the person with respect to the books, accounts, and other records to the same extent as if the person were the licensee. (2) If […]
32-11-306. Information on economic development effect. Each year in which a person is licensed under this chapter, the department shall publish and provide a report to the legislature in accordance with 5-11-210 on the effect of this chapter on promoting economic development in the state. The information must include aggregate statistics on: (1) the number and dollar […]
32-11-307. Examination of licensees and subsidiaries. (1) The department may at any time examine a licensee or an affiliate or subsidiary of a licensee. Licensure under this chapter constitutes implied consent to examination by the department. (2) The department shall examine a licensee at least once during each calendar year. (3) At the department’s request, the following persons […]
32-11-308. Inspection or copying refusal. A person having custody of all or part of the books, accounts, or other records of a licensee may not knowingly refuse to allow the department, upon request, to inspect or make copies of the records. History: En. Sec. 36, Ch. 411, L. 2007.
32-11-309. Restrictions on financing assistance. (1) A licensee may not directly or indirectly provide financing assistance to an associate of the licensee. (2) A licensee may not directly or indirectly provide financing assistance to discharge or to free money for use in discharging part or all of an obligation to an associate of the licensee. This subsection […]
32-11-310. Contemporaneous financing assistance. (1) If the terms on which a licensee provides financing assistance to a business are less favorable to the licensee than the terms on which an associate of the licensee provides financing assistance to the business, the licensee may not directly or indirectly provide the assistance to the business within 1 year […]
32-11-311. Compensation of associate. (1) An associate of a licensee may not directly or indirectly receive from a person to whom the licensee provides financing assistance: (a) compensation in connection with the providing of the financing assistance; or (b) other things of value for procuring, influencing, or attempting to procure or influence the licensee’s action with respect to […]
32-11-312. Associates. (1) For purposes of 32-11-301 and 32-11-309 through 32-11-311, a person who is an associate within 6 months before or after a licensee provides financing assistance must be considered to be an associate as of the date the licensee provides the assistance. (2) If a licensee, in order to protect the licensee’s interests, designates a […]
32-11-313. Exemptions. (1) If the department finds that the exemption is in the public interest and that the regulation of the person or transaction is not necessary for the purposes of this chapter, the department may exempt a person or transaction from 32-11-309 through 32-11-311 for the purposes of a particular transaction. (2) The exemption may be […]
