NAC645F.405. Change in ownership, control, management, principal employees or principal or branch office.

     1. If a licensee is not a natural person:

     (a) Any material change in the ownership, management or principal employees of the licensee at its principal office or a branch office must be reported to the Commissioner on a form prescribed by the Commissioner within 30 calendar days before the change; and

     (b) Any material change in the ownership or any change of control of the licensee at its principal office or a branch office must be approved by the Commissioner.

     2. If a licensee is not a natural person and a person acquires stock or ownership in the licensee as a result of a transfer that constitutes a change of control:

     (a) A financial statement of the prospective owner, partner, corporate shareholder, manager or employee must be submitted to the Commissioner for consideration;

     (b) The person may not participate in the management of the licensee until the Commissioner has approved the transfer; and

     (c) The licensee may not change the location of its principal office or a branch office until the Commissioner has approved the transfer.

     (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)