Current through Register Vol. 56, No. 18, September 16, 2024
(a) A licensee
shall file a completed application for approval whenever a change of control of
ownership of 25 percent or more of the licensee is planned. The change of
control request shall be submitted at least 90 days prior to the anticipated
sale date and shall include:
1. A fully
executed change of control form as prescribed by the Commissioner;
2. A copy of the executed stock purchase
agreement or other agreement evidencing the proposed sale; and
3. A copy of the corporate resolution
providing that existing officers and/or directors cease to hold positions and
that new officers or directors are appointed, if applicable; and personal
certifications permitting the Department to make inquiries to the New Jersey
State Police as to any information it may have on file with respect to the
applicant, that is, the person, sole proprietor, partners, members and managers
of a limited liability company, corporate officers, directors and shareholders
owning 10 percent or more of the shares of the corporation, including a
criminal history record background check of the applicant, based upon
information provided to and received from the Division of State Police. The
background check shall include a State criminal history record background check
based upon an exchange of fingerprint data with the State Bureau of
Identification in the Division of State Police, for which the Division shall
promptly notify the Commissioner if the subject of the original criminal
history record background check is arrested for a crime or offense in this
State after the date the background check was performed, and a check of both
criminal and non-criminal information as requested from and distributed to the
Federal Bureau of Investigation and any other governmental agency. The
Department may make such inquiries on the basis of answers to questions in the
application or on the basis of any other information which the Department
receives that would make such an inquiry relevant to the decision on the
application.
(b) The
Commissioner shall approve the change of control unless, after an opportunity
for a hearing, it is determined that there are sufficient grounds to deny the
application. Unless the Commissioner issues a preliminary denial of the
application and affords the applicant an opportunity for a hearing within 90
days of the Commissioner's receipt of the completed application, the
application shall be deemed approved.
