C.R.S.
Section 11-110-112
Change in control
- rule
(1)
Intentionally left blank —Ed.(a)
Except as specified in subsection (1)(b) or (1)(c) of this section, when a licensee proposes a change of control, the licensee shall:(I)
Give the commissioner written notice of the proposed change of control within fifteen days after learning of the proposed change of control;(II)
Request approval of the change of control; and(III)
Submit a nonrefundable fee in an amount established under section 11-102-104 (11) with the notice.(b)
The board, by rule or order, may exempt a person from any of the requirements of subsection (1)(a)(II) or (1)(a)(III) of this section if the board finds that it is in the public interest to do so.(c)
This subsection (1) does not apply to a public offering of securities.(2)
After review of a request for approval under subsection (1) of this section, the board may require the licensee to provide additional information concerning the persons proposed to control the licensee. The additional information must be limited to the same types required of the licensee or persons in control of the licensee as part of its original license or renewal application.(3)
The board shall approve a request for change of control under subsection (1) of this section if, after investigation, the board determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.(4)
When an application for a change of control under this section is complete, the board shall give written notice to the licensee of the date on which the board determined the request to be complete and the date on which the board will hold a hearing on the application.(5)
Before filing a request for approval to acquire control of a licensee or of a person in control of a licensee, a person may file a written request for a determination from the board as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the board determines that the person would not be a person in control of a licensee, the board shall provide to the person written notification to that effect and the proposed person and transaction are not subject to the requirements of subsections (1) to (3) of this section.
Source:
Section 11-110-112 — Change in control - rule, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-11.pdf (accessed Oct. 20, 2023).
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