32-11-223. Control of assisted business. (1) A licensee that has provided financing assistance to a business may acquire and hold control of the business to the extent that it becomes necessary to protect the licensee's interest as a creditor of or investor in the business.
(2) Unless the department approves a longer period, a licensee holding control of a business under this section shall divest itself of the control as soon as practicable or within 5 years after acquiring the interest, whichever is sooner.
(3) Within 30 days after a licensee exercises its authority to acquire and hold control of a business under this section, the licensee shall notify the department of the action. The notification must include the reasons why it is necessary for the licensee to acquire and hold control of the business and the length of time the licensee anticipates that it may be necessary to hold control of the business.
History: En. Sec. 24, Ch. 411, L. 2007.