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This is an obsolete version of the rule. Please click on the rule number to view the current version.

2.59.1405    OWNERSHIP CHANGE

(1) In the event there is a change of ownership in a licensee, the owner(s) shall file with the department an application for a new license. The applicant may not make any loans until they have been appropriately licensed.

(2) For purposes of this rule, a person shall be deemed to own the licensee if the person, directly or indirectly, or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with the power to vote, or holds proxies representing 25% or more of the voting shares or rights of such company, or controls in any manner the election or appointment of 25% of the directors, managers, member-managers, or trustees of a company, or is a general partner in or has contributed 25% or more of the capital of the company.

History: 31-1-802, MCA; IMP, 31-1-805, MCA; NEW, 2006 MAR p. 883, Eff. 4/7/06; AMD, 2008 MAR p. 1571, Eff. 8/1/08.

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