N.M. Admin. Code § 15.8.3.17 - CHANGE IN OWNERSHIP A. A change in ownership occurs when
(1)if the licensee
is a corporation: when a total of ten percent or more of its stock is
transferred or when there is a merger or consolidation of the licensee with
another entity;
(2)if the licensee
is a limited liability company: when ten percent or more of the membership
interests are transferred or when there is a merger or consolidation of the
licensee with another entity;
(3)if
the licensee is a general partnership: when there is any change or removal of
any general partners;
(4)if the
licensee is a limited partnership: when there is any change of general
partners, or any change of limited partners contributing ten percent or more of
the total value of the contributions made to the limited partnership or any
change in the limited partners entitled to ten percent or more of the profits
earned, or other compensation by way of income paid by the limited
partnership;
(5) if the licensee is
a trust: when there is any change in the trustees or beneficiaries;
or
(6)if the licensee is any other
legal entity that is not a corporation, limited liability company, general
partnership, or limited partnership: any person or entity becomes the owner of
ten percent or more interest through one or more transactions or when a total
of ten percent or more interest in the licensee entity or license has been
transferred.
B.Within 60 days of a
change in ownership, licensee must submit an application with the division for
issuance of an initial license as licenses shall not be transferred from
licensee to another person pursuant to Section
61-37-10 NMSA 1978.
C.A temporary license may be issued if
application process exceeds the 60 days. Issuance of a temporary license,
pending the application process for a new license due to a change in ownership,
does not indicate or guarantee the issuance of a new license to
applicant.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.