Certain changes of licensee prohibited without prior approval of Commissioner; notice of proposed change to Commissioner; approval of Commissioner. [Effective through December 31, 2029.]

1. A licensee shall not make any of the following changes unless the licensee has obtained the prior approval of the Commissioner in accordance with the provisions of this section: (a) A change in the ownership of 25 percent or more of the capital stock or other equivalent ownership interest of the licensee; (b) A change in control of the licensee; (c) A change in the name of the licensee, including the name under which the licensee is doing business; or (d) A change in the principal business address of the licensee or in the address of any office of the licensee in this State. 2. A licensee who wishes to make any change described in subsection 1 must, not less than 10 business days before the date on which the change is to occur, submit a notice to the Commissioner. Such notice must include any information that the Commissioner may require. 3. Upon receipt of a notice submitted pursuant to subsection 2, the Commissioner shall approve or disapprove the proposed change. The Commissioner may disapprove a proposed change if, in the reasonable judgment of the Commissioner, the proposed change is inconsistent with the requirements of this chapter. If the Commissioner does not respond to a licensee who submits a notice pursuant to subsection 2, including, without limitation, any request by the Commissioner for additional information from the licensee, within 10 business days of the date on which the notice was submitted, the proposed change shall be deemed approved. 4. As used in this section, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policy of the licensee.