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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 160. Department of Consumer Credit |
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Chapter 60. Precious Metal and Gem Dealers |
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Subchapter 3. Licensing |
SECTION 160:60-3-4. Change of ownership
Latest version.
- (a) Thirty (30) days before any change of ownership of any licensed dealer, the licensed owner shall notify the Administrator of the intent to change ownership, and the proposed new owner shall apply for a license. The Administrator shall notify the licensed owner and the proposed new owner when the new owner's license application has been granted. After the licensed owner surrenders its license and transfers the ownership interest, a license shall be issued to the new owner.(b) If the change of ownership results in the closing of the existing location, then the licensed owner shall post an announcement on the front door listing the name, business telephone number and mailing and business addresses of the new owner. The announcement shall be posted before the ownership interest is transferred and shall remain posted until the existing location closes. The licensed owner shall certify to the Administrator the date the announcement was posted and shall attach a copy of the announcement.(c) For purposes of this section, "change of ownership" means a change of an individual owner; a change of partners; a change of the service agent or a change of the principal parties in interest in a corporation.