04 NCAC 03L .0302          NONTRANSFERABILITY OF LICENSE

(a)  A license granted hereunder shall be neither transferable nor assignable.

(b)  The circumstances under which the Commissioner shall deem a change in the licensee's organizational structure to constitute a transfer or assignment of the license shall include, but not be limited to, the following:

(1)           If the licensee is a corporation or limited liability company:

(A)          A change in ownership of 50% or more of the licensee's stock;

(B)          The conversion of the corporation or company into a general or limited partnership or sole proprietorship;

(2)           If the licensee is a general or limited partnership:

(A)          A change in one of the licensee's general partners;

(B)          The conversion of the general partnership into a limited partnership, corporation or sole proprietorship;

C)            The conversion of the limited partnership into a general partnership, corporation or sole proprietorship;

(3)           If the licensee is a sole proprietor:

(A)          The conversion of the sole proprietorship into a general or limited partnership or corporation;

(B)          The sale or assignment of all of the assets of the licensee's business to another person.

(c)  Upon a change in organization as set forth in Paragraph (b) of this Rule, the licensee's license shall become void and the licensee shall surrender its licensee to the Commissioner within 10 days of such change.  If the entity which results from the change in the licensee's organizational structure desires and intends to engage in a check-cashing business in this State, it shall apply for a license pursuant to Section .0200 of this Subchapter, and this application may be made prior to the effective date of said change.

 

History Note:        Authority G.S. 53-276; 53-278; 53-288; 53C-2-1; 53C-2-2;

Eff. July 1, 2000.