OAR 441-755-0160: Assignment or Transfer of License Prohibited

(1) The following events will be considered an assignment or transfer of the license, which is prohibited by ORS 697.514: (a) A change in control of the licensee; (b) The sale or assignment of all or substantially all assets of the licensee's business to another person; (c) The merger of a licensee with another business that is not a licensed check-casher; or (d) A reorganization of the licensee's form of business entity into another form of business entity, if the reorganization results in a change of control. (2) On the effective date of any event described in section (1) of this rule, the licensee's license or licenses become void, and the licensee must surrender the license or licenses to the director within 10 business days of the event. (3) If the entity that survives the event described in section (1) of this rule desires and intends to engage in a check-cashing business, it may not engage in a check-cashing business under the former entity's license but must apply and qualify for the license as a new applicant. The application may be submitted prior to the effective date of the event described in section (1) of this rule.