Section 671.175 - Acquisition of control of licensee: Exceptions from requirements for approvalThe requirements of NRS 671.155 do not apply to a person who has previously complied with and received approval to engage in money transmission pursuant to this chapter or was identified as a person in control of a licensee in a prior application filed with and approved by the Commissioner or by a money services business accredited state pursuant to a multistate licensing process, so long as:
1. 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 5 years immediately preceding the date on which the person intends to complete the acquisition of control of a licensee;2. If the person is a licensee, the person is well managed and has received at least a satisfactory rating for compliance in the most recent examination of the licensee conducted by a money services business accredited state, if such rating was given;3. The licensee to be acquired is projected to meet the requirements of this chapter 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 NRS 671.100 or 671.110, as applicable, and 671.115 and 671.125 after the acquisition of control is completed;4. 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; and5. The person provides notice of the acquisition in cooperation with the licensee and attests to the circumstances set forth in subsections 1 to 4, inclusive, in a form prescribed by the Commissioner.Added to NRS by 2023, 111Added by 2023, Ch. 23,§52, eff. 7/1/2023.