19.230.160 - Change of control. - Washington Statutes

Change of control.

(1) A licensee shall:

     (a) Provide the director with written notice of a proposed change of control within fifteen days after learning of the proposed change of control and at least thirty days prior to the proposed change of control;

     (b) Request approval of the change of control by submitting the information required in rule by the director; and

     (c) Submit, with the notice, a nonrefundable fee as prescribed in rule by the director.

     (2) After review of a request for approval under subsection (1) of this section, the director may require the licensee to provide additional information concerning the licensee's proposed persons in control. The additional information must be limited to the same types required of the licensee, or persons in control of the licensee, as part of its original license application.

     (3) The director shall approve a request for change of control under subsection (1) of this section if, after investigation, the director determines that the person, or group of persons, requesting approval meets the criteria for licensing set forth in RCW 19.230.070 and 19.230.100 and that the public interest will not be jeopardized by the change of control.

     (4) Subsection (1) of this section does not apply to a public offering of securities.

     (5) Before filing a request for approval to acquire control of a licensee, or person in control of a licensee, a person may request in writing a determination from the director as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the director determines that the person would not be a person in control of a licensee, the director shall respond in writing to that effect and the proposed person and transaction is not subject to the requirements of subsections (1) through (3) of this section.

     (6) The director may exempt by rule any person from the requirements of subsection (1)(a) of this section, if it is in the public interest to do so.

[2003 c 287 § 18.]