R 432.7 Nontransferability of license.

Rule 7. A license is not assignable or transferable. The commissioner shall be notified, in writing, not less than 20 days before any proposed business change or substantial change in ownership of the business. A substantial change in ownership under this rule means a transfer of 50% or more of the equity of any business licensed under these rules. If the business to which a license is issued changes its business location, then the owner shall submit an application for a license. An owner shall report every change of business location, in writing, to the commissioner not less than 20 days before the change.