N.M. Admin. Code § 15.8.3.17

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

Section 15.8.3.17 - CHANGE IN OWNERSHIP A. A change in ownership occurs when

(1)if the licensee is a corporation: when a total of ten percent or more of its stock is transferred or when there is a merger or consolidation of the licensee with another entity;

(2)if the licensee is a limited liability company: when ten percent or more of the membership interests are transferred or when there is a merger or consolidation of the licensee with another entity;

(3)if the licensee is a general partnership: when there is any change or removal of any general partners;

(4)if the licensee is a limited partnership: when there is any change of general partners, or any change of limited partners contributing ten percent or more of the total value of the contributions made to the limited partnership or any change in the limited partners entitled to ten percent or more of the profits earned, or other compensation by way of income paid by the limited partnership;

(5) if the licensee is a trust: when there is any change in the trustees or beneficiaries; or

(6)if the licensee is any other legal entity that is not a corporation, limited liability company, general partnership, or limited partnership: any person or entity becomes the owner of ten percent or more interest through one or more transactions or when a total of ten percent or more interest in the licensee entity or license has been transferred.

B.Within 60 days of a change in ownership, licensee must submit an application with the division for issuance of an initial license as licenses shall not be transferred from licensee to another person pursuant to Section 61-37-10 NMSA 1978.

C.A temporary license may be issued if application process exceeds the 60 days. Issuance of a temporary license, pending the application process for a new license due to a change in ownership, does not indicate or guarantee the issuance of a new license to applicant.

N.M. Admin. Code § 15.8.3.17

Adopted by New Mexico Register, Volume XXXI, Issue 24, December 29, 2020, eff. 1/1/2021