NAC439A.485. Transfer of interest.

     1. A person shall not sell, purchase, assign, grant or otherwise transfer or convey in any manner any interest in a letter of approval or a proposed project without first obtaining the written approval of the Director.

     2. A written request for the approval of any transfer must be submitted to the Director by the holder of the letter of approval and must include:

     (a) The identity and, if other than a natural person, the organizational structure of the person who will acquire the interest;

     (b) All facts and materials relating to the proposed transaction;

     (c) Copies of all legal documents required to be executed by the parties in order to effect the transfer; and

     (d) A statement signed by the person who will acquire the interest manifesting an intent to complete the project and agreeing to be bound by each condition of the letter of approval.

     3. Upon the request of the Director, any of the parties involved in the proposed transaction shall submit additional information:

     (a) Regarding their financial interest in the transaction or the proposed project;

     (b) Regarding any changes in the project or the cost of or charges for the proposed services resulting from the proposed transaction; and

     (c) Which the Director determines is relevant to the transaction or the proposed project.

     4. The Director will determine the effect of the proposed transaction on the project.

     5. Approval of a transfer of interest requested pursuant to this section will be denied only if the Director determines:

     (a) That approval would have an adverse effect on the project; or

     (b) That the proposed transaction would result in a transfer of more than 49 percent, in the aggregate, of the interest in the project.

     6. The Director will issue to the holder of the letter of approval a written decision approving or disapproving the transaction and setting forth the reasons for his or her decision.

     (Added to NAC by Dep’t of Human Resources, eff. 9-4-84; A 3-6-86; 1-2-90; 10-14-97)