N.J. Admin. Code § 13:23-2.5

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

Section 13:23-2.5 - Change of business ownership or interest

(a) In the event of any change of ownership or interest in the business, application for a new license shall be filed with the Chief Administrator within seven days of such change of ownership or interest. This shall include any sale or transfer of five percent or more of 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 continuance of the business by the licensee pending processing of the application made by the person to whom the business, or interest therein, is to be transferred. 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, the existing license and copies thereof, all instructors' certificates issued thereunder, and all other documents issued in connection with the driving school must be surrendered before a license will be issued to the new owner.

N.J. Admin. Code § 13:23-2.5

Amended by R.1984 d.216, effective 6/4/1984.
See: 16 New Jersey Register 209(a), 16 New Jersey Register 1354(a).
Section substantially amended.
Amended by R.1991 d.371, effective 7/15/1991.
See: 23 New Jersey Register 662(a), 23 New Jersey Register 2151(a).
Changed heading; former title "Nontransferability".
Added "within seven days of such change of ownership or interest" and "or transfer"; changed "more than 25 percent" to "five percent or more"; changed "25 percent" to "five percent" in (a).
Deleted "The Director must be notified in writing immediately when agreement is entered into the transfer ownership of the business or any interest therein." in (b); added "or her".
Added "In the event of a name change as a result of a sale or transfer, the"; changed "driver" to "driving" in (c).
Amended by R.2004 d.444, effective 12/6/2004.
See: 36 New Jersey Register 2180(a), 36 New Jersey Register 5372(a).