N.M. Admin. Code § 15.1.10.35

Current through Register Vol. 35, No. 23, December 10, 2024

Section 15.1.10.35 - LICENSE TRANSFER PROHIBITED

A. Any license granted or renewed by the board may not be transferred. For purposes of this section, "transfer" includes assigning the license.

B. A transfer of license ownership that occurs after the board has issued the license shall automatically terminate the license as of the date of the transfer For purposes of this section, a transfer of ownership of a twenty percent interest or more of the licensee constitutes a transfer of the license unless the board determines otherwise following the former licensee's written request for a determination pursuant to board rule 15.1.5.28 NMAC.

C. A change in the ownership structure of the licensee, in which one or more owners previously certified as suitable by the board retain ownership of the licensee, and no new persons obtain an ownership interest of twenty percent or more in the licensee or license, does not constitute a transfer of license ownership. The board, however, may require that any or all of the owners submit applications to obtain findings of suitability. Failure of the licensee to request a determination, or to submit applications for findings of suitability as required shall automatically terminate the license.

D. If there is a change in ownership structure of the licensee in which there is a transfer of ownership of twenty percent or more of the licensee, the licensee shall comply with board rule 15.1.5.28 NMAC.

N.M. Admin. Code § 15.1.10.35

12/31/98; 15.1.10.35 NMAC - Rn & A, 15 NMAC 1.10.35, 3/31/00; A, 12/28/01; A, 2/28/05, Adopted by New Mexico Register, Volume XXVI, Issue 19, October 15, 2015, eff. 10/15/2015, Adopted by New Mexico Register, Volume XXVII, Issue 02, January 29, 2016, eff. 1/29/2016