(a) A licensee that has provided financing assistance to a business may acquire and hold control of the business to the extent it becomes necessary to protect the licensee's interest as a creditor of, or investor in, the business.
(b) Unless the department approves a longer period, a licensee holding control of a business under this section shall divest itself of the control as soon as practicable, or within five years after acquiring the interest, whichever is sooner.
(c) Within 30 days after a licensee exercises its authority to acquire and hold control of a business under this section, the licensee shall notify the department of the action. The notification must include the reasons why it is necessary for the licensee to acquire and hold control of the business and the length of time the licensee anticipates that it may be necessary to hold control of the business.
Section: Previous 10.13.190 10.13.200 10.13.210 10.13.220 10.13.230 10.13.240 10.13.250 10.13.260 10.13.270 10.13.280 10.13.285 10.13.290 10.13.300 10.13.310 10.13.320 NextLast modified: November 15, 2016