NAC645F.415. Transfer of voting stock: Notification and approval; investigation; waiver of investigation.

     1. If a licensee is not a natural person and has voting stock:

     (a) The Commissioner must be notified of a transfer of 5 percent or more of the outstanding voting stock of the licensee; and

     (b) Any transfer of voting stock of the licensee which constitutes a change of control must be approved by the Commissioner.

     2. A person who acquires voting stock resulting in a change of control of the licensee shall apply to the Commissioner for approval of the transfer. The application must contain the applicable fee and satisfactory information which shows that the requirements of this chapter and chapter 645F of NRS for obtaining a license will be satisfied after the change of control. Except as otherwise provided in subsection 3, the Commissioner will conduct an investigation to determine whether those requirements will be satisfied. If, after the investigation, the Commissioner denies the application, the Commissioner may forbid the applicant from participating in the business of the licensee.

     3. The applicant may submit a written request to the Commissioner to waive the investigation required by subsection 2. The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his or her employment with a financial institution.

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