6-1255 - Arizona Statutes

6-1255. Issuance of licenses A. On receipt of an original application that is accompanied by the fees prescribed in section 6-126 and the financial statement prescribed in this chapter, the superintendent shall conduct a general review of the qualifications of the applicant. If the superintendent finds no grounds for denial of a license, within one hundred twenty days after receiving a complete application, the superintendent shall grant the application and issue a license to the applicant. B. A license is not transferable or assignable and control of a license shall not be acquired through any stock purchase or other device without the prior written consent of the superintendent. The superintendent shall not give consent if the superintendent finds that the acquiring person does not meet the qualifications of this chapter. For the purposes of this subsection, "control" means the power to vote more than twenty-five per cent of the outstanding voting shares of a licensed corporation, partnership, association or trust. C. A license remains the property of this state. On termination at the request of the licensee or revocation by the superintendent, the licensee shall immediately deliver the license to the superintendent. Termination of the license does not affect any other liability of the licensee.