N.Y. Comp. Codes R. & Regs. tit. 9 § 5001.13

Current through Register Vol. 46, No. 50, December 11, 2024

Section 5001.13 - Non-transferability of license

(a) A license issued pursuant to this Part shall not be transferable.

(b) If the business to which a license is issued changes hands or the ownership or type of business undergoes a substantial change, the commission must be notified immediately of such change in writing. At the commission's option the commission may terminate or continue the license of such agent. A substantial change in ownership shall mean a transfer of 50 percent or more of the equity of any business licensed pursuant to this Part. If the business for which a license has been issued changes such business' location, said license shall terminate as of the date of the change and an application for a new license must be filed with the commission. Every such change of business location or contemplated change of ownership shall be reported in writing to the division at least 20 days prior to any proposed change.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 5001.13