32-10-301. Change in control. (1) Except with the prior approval of the department, it is unlawful for any action to be taken that results in a change of control of the business of a licensee. Prior to any change of control of the business of a licensee, the person wishing to acquire control shall apply in writing to the department and pay an application and investigation fee to the department. The application must contain any information the department prescribes by rule as being necessary or appropriate for the purpose of determining that a person meets the requirements of this chapter.
     (2) The department shall approve or disapprove the proposed change of control of a licensee in accordance with the provisions of this chapter.
     (3) The department shall grant a 90-day temporary residential mortgage lender license for the principal place of business and each branch office location that currently has a residential mortgage lender license within 10 days after the department's receipt of an application for the change of control. The department may issue subsequent 90-day temporary licenses at the department's discretion. The existing licensee shall surrender the existing license for each licensed location, including the principal place of business and each branch office location, within 10 business days of receipt of the temporary licenses. The temporary licensee is subject to all provisions of this chapter and all rules adopted under this chapter.

     History: En. Sec. 11, Ch. 369, L. 2007.