Section 609 – Notifying department of change in ownership.

32B-11-609. Notifying department of change in ownership.
The commission may suspend or revoke a local industry representative license if a local industry 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 the corporation; 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