- (1) Without the prior approval of the department, it is unlawful for an action to be taken that results in a change of control of an entity licensed under this part. Prior to a change of control of a licensed entity, a person seeking to acquire control shall apply for an amendment to the license or a new license as required by the NMLS and pay all applicable fees.
- (2) The department shall approve or disapprove the application for an amendment or new license in accordance with the provisions of this part.
History: En. Sec. 22, Ch. 317, L. 2011; amd. Sec. 30, Ch. 125, L. 2013.