Statutes, codes, and regulations
Wyoming Administrative Code
Agency 021 - Audit, Dept. ofSubagency 0007 - Uniform Consumer Credit Code
Chapter 1 - ORGANIZATION, LICENSING, RECORDS, INSURANCE REFUNDS
Section 1-5 - Change of Ownership

021-1 Wyo. Code R. § 1-5

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Current through April 27, 2019
Section 1-5 - Change of Ownership

(a) "Change of ownership" means:

  • (i) A transfer of all or substantially all of the assets of the business conducted at any license location;
  • (ii) In all cases other than individuals, a transfer that results in one (1) or more persons owning or controlling greater than fifty percent (50%) of the controlling interests of the licensee, unless such person(s) owned or controlled greater than fifty percent (50%) of such controlling interests as of the date of the most recent filed application; or
  • (iii) Any change which will result by operation of law in a new type of business entity, in the licensee's dissolution, disassociation or reformation, such as the change in partners in a general partnership.

(b) "Effective ownership interest" means any person who is entitled or permitted, directly or indirectly, to share in at least twenty-five percent (25%) of the ownership interests of an entity, or to vote for or against a manager.

(c) For purposes of this section, "manager" means:

  • (i) For corporations, the board of directors or, if the corporation has elected not to have a board of directors, the holders of the capital stock of the corporation;
  • (ii) For limited partnerships, general partnerships or joint ventures, the general partners or joint adventurers; or
  • (iii) For limited liability companies, statutory or other trusts, and any other business organization, the persons in whom the management of the company, trust, or organization is vested.

(d) "Transfer" means to change in any manner legal or equitable claims of ownership or any rights or obligations relating to any such claim, whether by act or inaction, whether directly or indirectly, whether intentional or not. But "transfer" does not include the granting or imposition of a lien, whether on an ownership interest or any of the assets of the licensee, but does include the foreclosure of any rights of redemption as to any such lien.

(e) Change of effective ownership interest. Within thirty (30) days after a change of any effective ownership interest of a licensee and not a change of ownership under subsection (f) of this Section, the licensee shall provide written notice of the change of effective ownership interest to the Administrator. The Administrator may require the licensee to provide additional information or apply for a new license in the manner prescribed under this section.

(f) Change of ownership. A licensee shall notify the administrator in writing at least sixty (60) days prior to the effective date of a change of ownership. The new owners shall apply for a new license in the manner prescribed under this Section.

021-1 Wyo. Code R. § 1-5

Amended, Eff. 2/22/2017.