R21-9-206. License: Term; Non-transferability

A. OLR shall issue a license only to the adoption agency for which application is made and for the location shown on the application. B. A license expires one year from the date of issuance. C. A license shall not be transferred or assigned and shall expire upon a change in adoption agency ownership. D. For the purpose of this Section, a change in ownership shall include the following events: 1. Sale or transfer of the adoption agency, 2. Bulk sale or transfer of the adoption agency’s assets or liabilities, 3. Placement of the adoption agency in the control of a court appointed receiver or trustee, 4. Bankruptcy of the adoption agency, 5. Change in the composition of the partners of an adoption agency organized as a partnership, 6. Sale or transfer of a controlling interest in the stock of a corporate adoption agency, or 7. Loss of an adoption agency’s nonprofit status.