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§ 9-1A-19. Transferability of license or interests.

MD State Govt Code § 9-1A-19 (2019) (N/A)
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(a)    Except as provided in subsection (b) of this section, a license issued under this subtitle may not be:

(1)    transferred or assigned to another person; or

(2)    pledged as collateral.

(b)    (1)    A licensee may not sell or otherwise transfer more than 5% of the legal or beneficial interests of the licensee unless:

(i)    the licensee notifies the Commission of the proposed sale or transfer;

(ii)    the Commission determines that the proposed buyer or transferee meets the requirements of this subtitle; and

(iii)    the transfer is consistent with the policies and intent of § 9–1A–18 of this subtitle.

(2)    Unless the Commission needs a longer time to determine whether the proposed buyer or transferee meets the requirements of this subtitle, if the requirements of paragraph (1) of this subsection are not satisfied, a license issued under this subtitle is automatically revoked 90 days after the sale or transfer.

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§ 9-1A-18. License is revocable privilege; property right not created.
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