New Mexico Administrative Code
Title 15 - GAMBLING AND LIQUOR CONTROL
Chapter 11 - ALCOHOLIC BEVERAGES LICENSING
Part 23 - LICENSES AND PERMITS - CHANGE IN LICENSEE
Section 15.11.23.9 - REPORTABLE CHANGE IN STRUCTURE

Universal Citation: 15 NM Admin Code 15.11.23.9

Current through Register Vol. 35, No. 18, September 24, 2024

A. All licensees must notify the division of reportable changes in the structure of the licensee by filing an application with the division, together with the filing fee shown on the fee schedule of these rules.

B. A change in structure arises when the persons or entities with ultimate ownership interests in a license do not change, but the means by which they exercise control will change. A reportable change in structure is limited to any of the following events:

(1) any change of manager;

(2) any change in a principal officer or directors of a licensee that is a corporation or limited liability company;

(3) any change in the legal entity under which the licensee operates, for example, an individual licensee changing to a corporation which is wholly-owned by the same licensee or between corporate entities wholly owned by the same licensee;

(4) any change in general partners, or in limited partners who already own ten percent or more, of a partnership;

(5) any change in ownership between the shareholders who continue to own ten percent or more of any corporate entity;

(6) a change in subsidiary ownership within the same parent company;

(7) any change in the trustee or beneficiary of a trust who has control over trust property and income or receives substantial and regular distributions from the trust; or

(8) when a manager, principal officer or director, shareholders or partners appoint a power of attorney in relation to the license.

C. A reportable change of structure required by this section does not require a hearing by the division or by the local governing body. A reportable change of structure may require compliance with Section 60-6B-2 of the act, NMSA 1978.

D. The division must be notified within 30 days of a reportable change in structure by filing application for change of structure and providing all documents and information the division deems necessary to ensure full disclosure and qualification of all persons and entities.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.