Section 51A-17-80 - Acquisition of control-Further exceptions(1) The requirements in subdivisions 51A-17-72(1) and (2) do not apply to a person that has complied with and received approval to engage in money transmission under this chapter or was identified as a person in control in a prior application filed with and approved by the director or by an MSB accredited state pursuant to a multistate licensing process, provided that: (a) The person has not had a license revoked or suspended or controlled a licensee that has had a license revoked or suspended while the person was in control of the licensee in the previous five years;(b) If the person is a licensee, the person is well managed and has received at least a satisfactory rating for compliance at its most recent examination by an MSB accredited state if such rating was given;(c) The licensee to be acquired is projected to meet the requirements of §§ 51A-17-99 to 51A-17-101, inclusive, after the acquisition of control is completed, and if the person acquiring control is a licensee, that licensee is also projected to meet the requirements of §§ 51A-17-100 to 51A-17-102, inclusive, after the acquisition of control is completed;(d) The licensee to be acquired will not implement any material changes to its business plan as a result of the acquisition of control, and if the person acquiring control is a licensee, that licensee also will not implement any material changes to its business plan as a result of the acquisition of control; and(e) The person provides notice of the acquisition in cooperation with the licensee and attests to subsections (a) through (d) in this section in a form and in a medium prescribed by the director.(2) If the notice is not disapproved within thirty days after the date on which the notice was determined to be complete, the notice is deemed approved.Added by S.L. 2024, ch. 196,s. 29, eff. 7/1/2024.