- (a) Change of ownership. A lessor or lease facilitator who proposes to sell and/or assign to another any interest in the licensed entity, whether a corporation or otherwise, so long as the physical location of the licensed entity remains the same, shall notify the division in writing within ten days by filing an application to amend the license. If the sale or assignment of any portion of the business results in a change of entity, then the purchasing/assignee entity must apply for and obtain a new license. Publicly held corporations licensed as lessors or lease facilitators need only inform the division of a change in ownership if one person or entity acquires 10% or greater interest in the licensee.
- (b) Change of operating status of business location. A licensee shall obtain division approval prior to the opening of a supplemental location, or the relocation of an existing location, in accordance with §215.176 of this subchapter (relating to More than One Location). Also, a licensee must notify the division when closing an existing location.
Source Note:The provisions of this §215.179 adopted to be effective February 11, 2010, 35 TexReg 883.