(a) Any attempt to transfer or assign a license through a change of control without the prior consent of the Securities Commissioner shall:

1. (1) Be ineffective and grounds for immediate revocation of such license;
2. (2) Be cause for imposition of a fine; and
3. (3) Render the assignor licensee responsible for any and all actions or omissions of its assignee which occur while acting under the apparent authority of such license.

(b)

1. (1) A change in the identity of a licensee's control person or any material change in the licensee's organizational structure shall be considered a transfer or assignment of the license.

2. (2) However, the commissioner shall authorize such change without requiring the licensee to apply for a new license, provided:

   1. (A) The licensee gives notice to the commissioner at least thirty (30) days in advance of the effective date of the proposed change; and
   2. (B) The commissioner determines that permitting the licensee to continue to operate under its existing license would be consistent with the purposes of the Fair Mortgage Lending Act, Arkansas Code § 23-39-501 et seq.