N.J. Admin. Code § 13:20-18.11

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:20-18.11 - Change of business ownership or interest

(a) In the event of any change in ownership or interest in the business licensed under this subchapter, the person to whom the business or interest is to be transferred shall file application for a new provider license with the Chief Administrator within seven days of such change in ownership or interest. This shall include any sale or transfer of five percent or more of the capital stock of a corporation. In the event of a sale or transfer of less than five percent of the capital stock it shall not be necessary for the licensee to pay a new fee to the Chief Administrator.

(b) The Chief Administrator may, in his or her discretion, permit continuation of the provider license pending processing of the application. The licensee shall request, in writing, the Chief Administrator's permission to continue the business pending the processing of the application.

(c) In the event of a name change as a result of a sale or transfer, of all or part of a business, the existing provider license and copies thereof, and all other documents issued in connection with the license must be surrendered before a new license will be issued to the new owner.

N.J. Admin. Code § 13:20-18.11

Recodified from N.J.A.C. 13:19-14.11 by R.2014 d.008, effective 1/6/2014.
See: 45 N.J.R. 842(a), 46 N.J.R. 103(c).
Former N.J.A.C. 13:20-18.11 was reserved.