§ 23-52-110 - Change of control of check-casher. - Arkansas Statutes

23-52-110. Change of control of check-casher.

The prior written approval of the State Board of Collection Agencies shall be required for the continued operation of a check-cashing business whenever a change in control of a permitted check-casher is proposed. Control in the case of a corporation shall mean direct or indirect ownership, the right to control twenty-five percent (25%) or more of the voting shares of the corporation, or the ability of a person to elect a majority of the directors. Control in the case of any other entity shall mean the ability to change the principles of the organization, whether active or passive. The board may require information deemed necessary to determine whether a new application is required.