SECTION 85:15-7-4. Change of control

(a)   A licensee shall:

(1)   give the Commissioner notice in a record of a proposed change of control within 15 days after learning of the proposed change of control;

(2)   request approval of the acquisition; and

(3)   submit a nonrefundable fee of $3,000 with the notice.

(b)   After review of a request for approval under subsection (a), the Commissioner may require the licensee to provide additional information concerning the proposed persons in control of the licensee. The additional information must be limited to the same types required of the licensee or persons in control of the licensee as part of its original license or renewal application.

(c)   The Commissioner shall approve a request for change of control under subsection (a) if, after investigation, the Commissioner determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.

(d)   When an application for a change of control under this Chapter is complete, the Commissioner shall notify the licensee in a record of the date on which the request was determined to be complete and:

(1)   the Commissioner shall approve or deny the request within 120 days after that date; or

(2)   if the request is not approved or denied within 120 days after that date:

(A)   the request is deemed approved; and

(B)   the Commissioner shall permit the change of control under this section, to take effect as of the first business day after expiration of the period.

(e)   The Commissioner may exempt a person from any of the requirements of subsection (a) (2) and (3) if it is in the public interest to do so.

(f)   Subsection (a) does not apply to a public offering of securities.

(g)   Before filing a request for approval to acquire control of a licensee or person in control of a licensee, a person may request in a record a determination from the Commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the Commissioner determines that the person would not be a person in control of a licensee, the Commissioner shall enter an order to that effect and the proposed person and transaction are not subject to the requirements of subsections (a) through (c).

[Source: Added at 24 Ok Reg 843, eff 5-11-07]