32-11-303. Merger -- purchase -- sale. (1) A licensee may not merge with another corporation unless the merger is approved by the department, and, if the licensee is not the surviving corporation, the surviving corporation is a licensee.
(2) A licensee may not purchase all or substantially all of the business of another person unless the purchase is approved by the department.
(3) A licensee may not sell all or substantially all of the licensee's business or of the business of an office of the licensee to another person unless the purchaser is a licensee and the sale is approved by the department.
(4) The department may not approve a merger, purchase, or sale under this section unless the department determines that:
(a) the merger, purchase, or sale will be safe and sound with respect to the acquiring licensee;
(b) upon consummation of the merger, purchase, or sale, it is reasonable to believe that the acquiring licensee will comply with this chapter;
(c) the merger, purchase, or sale will not have a major detrimental effect on competition in providing financing assistance or management assistance to businesses or, if there will be a detrimental effect, the merger, purchase, or sale is necessary in the interests of the safety and soundness of a party to the merger, purchase, or sale or is otherwise, on balance, in the public interest.
History: En. Sec. 29, Ch. 411, L. 2007.
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