(1) A transaction under a bona fide sale is complete only if the department receives an application for a license submitted pursuant to ARM 42.12.101, and the department approves the application pursuant to 16-4-402, MCA, and this rule.
(2) An application will not be approved if the sale transaction:
(a) provides for a person other than the applicant to have an option to purchase the license;
(b) involves an escrow agent, unless the parties are required to report to the department all changes or assignments to the original escrow agreement within 30 days of the change;
(c) involves a loan from a noninstitutional lender or a loan guarantor, unless the loan from a noninstitutional lender has been approved in writing by the department, but this does not preclude a qualified owner of a license from lending money to the business operated under the license or from individually guaranteeing a debt incurred by the business operated under the license;
(d) involves a lessor of the licensed premises who is not qualified to own the license being applied for, unless the department approves in writing;
(e) involves an applicant who is or will be the manager of an associated business if the associated business is owned or controlled by a person who is not qualified to own the license being applied for, unless the department approves in writing; or
(f) involves any business relationship, with respect to the proposed alcoholic beverages business, with a person who is not qualified to own the license being applied for, unless the department approves in writing.
(3) An option to purchase represents an impermissible interference with the licensee's ability to control and operate the license. Such an option, with or without conditions, is prohibited because it constitutes an additional ownership interest in the license.