1. (a) Except as provided in subsection (b) of this section, a license issued under this subtitle may not be:

   1. (1) transferred or assigned to another person; or
   2. (2) pledged as collateral.

2. (b)

   1. (1) A licensee may not sell or otherwise transfer more than 5% of the legal or beneficial interests of the licensee unless:

      1. (i) the licensee notifies the Commission of the proposed sale or transfer;
      2. (ii) the Commission determines that the proposed buyer or transferee meets the requirements of this subtitle; and
      3. (iii) the transfer is consistent with the policies and intent of § 9-1A-18 of this subtitle.
   2. (2) Unless the Commission needs a longer time to determine whether the proposed buyer or transferee meets the requirements of this subtitle, if the requirements of paragraph (1) of this subsection are not satisfied, a license issued under this subtitle is automatically revoked 90 days after the sale or transfer.

Added by Acts 2007, 1st Sp. Sess., c. 4, § 1, eff. Nov. 25, 2008.