New Jersey Administrative Code
Title 13 - LAW AND PUBLIC SAFETY
Chapter 23 - DRIVING SCHOOLS
Subchapter 2 - DRIVING SCHOOLS
Section 13:23-2.5 - Change of business ownership or interest

Universal Citation: NJ Admin Code 13:23-2.5

Current through Register Vol. 56, No. 18, September 16, 2024

(a) In the event of any change of ownership or interest in the business, application for a new license shall be filed with the Chief Administrator within seven days of such change of ownership or interest. This shall include any sale or transfer of five percent or more of capital stock of a corporation. In the event of a sale or transfer of less than five percent of the capital stock it shall not be necessary for the licensee to pay a new fee to the Chief Administrator.

(b) The Chief Administrator may, in his or her discretion, permit continuance of the business by the licensee pending processing of the application made by the person to whom the business, or interest therein, is to be transferred. The licensee shall request in writing the Chief Administrator's permission to continue the business pending the processing of the application.

(c) In the event of a name change as a result of a sale or transfer, the existing license and copies thereof, all instructors' certificates issued thereunder, and all other documents issued in connection with the driving school must be surrendered before a license will be issued to the new owner.

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