The Florida Senate

468.5245  Change of ownership.--

(1)  A license or registration issued to any entity under this part may not be transferred or assigned, and a licensee or registrant may not operate an entity subject to licensure or registration pursuant to this part under any name or at any location other than that specified in the application for the license or registration without having received the prior written consent of the board. The board shall adopt rules to provide for a licensee's or registrant's change of name or location.

(2)  A person or entity that seeks to purchase or acquire control of an entity licensed or registered under this part must first apply to the board for a certificate of approval for the proposed change of ownership. The application must contain the name and address of the proposed new owner and other information required by the board.

(3)  Any existing stockholders or partners who intend to acquire, from other stockholders or partners, control of an existing entity that is licensed or registered under this part must first apply to the board for a certificate of approval for the proposed change of ownership. The application must contain the names and addresses of the stockholders or partners who own 10 percent or more of the entity and who are seeking to acquire control and other information required by the board.

(4)  Before recommending to the board that a certificate of approval be issued to an applicant that has applied under subsection (2) or subsection (3), the department may conduct an investigation of the applicant and examine the records of the entity as part of the investigation in accordance with applicable law and submit its findings to the board. As a part of its investigation, the department shall determine if there are any complaints pending against the company being purchased, the controlling person proposed to operate the purchased entity, or the proposed controlling person's existing company. The board, upon the department's recommendation, shall issue a certificate of approval only after it has determined that the proposed new owner possesses the financial ability, experience, and integrity to operate the entity under s. 468.525

(5)  The board shall waive the requirements of subsection (4) and automatically approve the proposed change in ownership if the application meets the requirements of subsection (2) or subsection (3), the proposed new owner and the current owner are part of the same controlled entity, and no member or controlling person of the controlled entity is under investigation or has been previously denied a license by the board.

(6)  Any application that is submitted to the board under this section shall be deemed approved if the board has not approved the application or rejected the application, and provided the applicant with the basis for a rejection, within 90 days after the receipt of the completed application.

(7)  The board shall establish filing fees for a change-of-ownership application in accordance with s. 468.524(1).

History.--s. 36, ch. 94-119.