1. (a) The Board shall transfer a license that is issued for use in a business if:

   1. (1) the business is sold to a different owner; and
   2. (2) the new owner qualifies as a license holder.

2. (b)

   1. (1) This subsection applies to the resident applicant of a licensed establishment for which a license was transferred after July 1, 1984, on behalf of a corporation, an unincorporated entity, or a limited liability company.

   2. (2) The resident applicant:

      1. (i) 1. if the transferred license is a Class A beer and wine license or a Class A-1 or Class A-2 beer, wine, and liquor license, shall own at least 25% of the total corporation, unincorporated entity, or limited liability company;

         1. 2. if the transferred license is any type of license other than one specified in item 1 or 3 of this item, shall own at least 10% of the total business; or
         2. 3. for a Class C-1, Class C-2, or Class C-3 license, may own any amount or no amount of the total corporation, unincorporated entity, or limited liability company;
      2. (ii) shall serve as manager or supervisor; and
      3. (iii) shall be physically present on the premises a substantial amount of time on a daily basis.

Added by Acts 2016, c. 41, § 2, eff. July 1, 2016. Amended by Acts 2018, c. 135, § 1, eff. July 1, 2018.