- (1) Any person, or group of persons acting in concert, seeking to acquire control of a licensee must obtain the written approval of the director prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to these acquisition of control provisions when that individual becomes a key individual in the ordinary course of business.
(2) A person, or group of persons acting in concert, seeking to acquire control of a licensee must, in cooperation with the licensee:
- (a) Submit an application in a form and in a medium prescribed by the director; and
- (b) Submit a nonrefundable fee not to exceed one thousand dollars. The director shall establish the fee by rule promulgated pursuant to chapter 1-26.
- (3) Upon request, the director may permit a licensee or the person, or group of persons acting in concert, to submit some or all information required by the director pursuant to this section without using NMLS.
- (4) The application required by this section shall include information required by §§ 51A-17-62 and 51A-17-63 for any new key individuals that have not previously completed the requirements of §§ 51A-17-62 and 51A-17-63 for a licensee.
Source: SL 2024, ch 196 , § 21.