Nontransferability - Change in control of license
N.D. Cent. Code § 13-08-07
in effect13-08-07. Nontransferability - Change in control of license
A license issued under this chapter is not transferable or assignable. The prior written
approval of the commissioner is required for the continued operation of a deferred presentment
service business if a change in control of a licensee occurs. Control in the case of a corporation
means direct or indirect ownership; the right to control twenty-five percent or more of the voting
shares of the corporation; or the ability of any person to elect a majority of the directors or
otherwise affect a change in policy. Control in the case of any other entity means the ability to
exchange the principals of the organization, whether active or passive. In the case of a change
of control request, the commissioner may require information the commissioner deems
necessary to determine whether a new application is required. A licensee shall notify the
commissioner fifteen days before any proposed change in the licensee's business location or
name.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t13c08.pdf#nameddest=13-08-07Fetched: 10/16/2026