Oklahoma Administrative Code
Title 160 - Department of Consumer Credit
Chapter 50 - Health Spas
Subchapter 3 - Registration
Section 160:50-3-9 - Change of ownership

(a) Thirty (30) days before any change of ownership of any registered health spa, the registered owner shall notify the Administrator of the intent to change ownership, and the proposed new owner shall apply for a license. The Administrator shall notify the registered owner and the proposed new owner when the new owner's license application has been granted. After the registered owner surrenders its license and transfers the ownership interest, a license shall be issued to the new owner.

(b) If the change of ownership changes the payee on contractual obligations, then the registered owner shall notify the members or buyers of the change of ownership within thirty (30) days following the change of ownership. The notice shall include the business telephone number and mailing and business addresses of the new owner. The registered owner shall certify to the Administrator the date the notice was mailed and shall attach a copy of the notice with a list of the names and addresses of the members or buyers notified.

(c) A change of ownership shall not release, cancel or terminate liability under any bond previously filed unless the Administrator agrees in writing to such release, cancellation or termination, because the new owner has filed a new bond for the benefit of the previous owner's members, or because the former owner has refunded all unearned payments to its members [59:2008].

(d) For purposes of this section, "change of ownership" means a change of an individual owner; a change of partners; a change of the service agent or a change of the principal parties in interest in a corporation.