ARM 42.12.118. ABBREVIATED APPLICATION FOR LICENSE MODIFICATION

(1) An abbreviated application may be used to modify a license as set forth in (2) and (3). The application process in ARM 42.12.101 shall be followed in all other cases. (2) A licensee must submit an abbreviated application within 90 days of: (a) removing an existing, previously qualified owner, member, partner, or shareholder from the license without the exchange of funds; (b) adding an individual or entity as a less than 15 percent owner; (c) adding or removing officers and/or directors of the licensee to comply with the requirements of 16-4-401(2)(b)(i), (2)(c)(i), (2)(h)(i), or (2)(i)(i), MCA, as applicable; (d) changing the entity type of the licensee if the existing owners and ownership percentages do not change. (3) A licensee must submit an abbreviated application prior to: (a) transferring the location of the license; (b) increasing the current ownership interest of any owner, member, partner, or shareholder from less than 15 percent to 15 percent or more; (c) changing the entity type of the business if the existing owners or ownership percentages also change; or (d) changing the license type. (4) A licensee's failure to timely submit an abbreviated application shall constitute a violation and may subject the licensee to administrative action.