TRANSFER OF BUSINESS OWNERSHIP; CHANGE OF CONTROL

(a) A certificate holder shall notify the department in writing of a transfer of ownership of the certificate holder's business or a transfer of 25 percent or more of the stock or other ownership or membership interest of the corporation as follows: (1) in the case of a voluntary transfer, not later than the seventh day after the date the contract for transfer is executed; and (2) in the case of an involuntary transfer, not later than one business day after receiving notice of the impending foreclosure or other involuntary transfer. (b) If the proposed transferee would own more than 50 percent of the stock or other ownership or membership interest of the corporation and is not a certificate holder, the proposed transferee shall file any necessary documents with the secretary of state and an application for a certificate of authority with the department as required by this chapter. If the proposed transferee is required to apply for a certificate of authority under this subsection, the transfer of the perpetual care fund may not occur until after the date a certificate of authority is issued to the transferee applicant. (c) If the commissioner denies the application, a hearing may be requested and conducted according to the procedures in Section 712.0035(b).