(a) A person or group of persons that proposes to acquire control shall give written notice to the Commission and the Master Service Provider and request approval of the acquisition and also submit a nonrefundable fee of $10,000 to the Commission or the cost of the investigation whichever is greater.
(b) After review of the request for approval under subsection (a) of this section, the Commission may require the licensee to provide additional information concerning the proposed controlling person. The additional information must be limited to the same types required of the licensee or controlling person as part of its original license or renewal application.
(c) The Commission shall approve a request for change of control under subsection (a) if, after investigation, the Commission determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or controlling person in a lawful and proper manner and that the interests of the public will not be jeopardized by the change of control.
(d) The following persons or transactions are exempt from the requirements of subsection (a) but must still notify the Commission and the Master Service Provider of the change of control:
(1) a person that acts as a proxy for the sole purpose of voting at a designated meeting of the security holders or holders of voting interests of a licensee or controlling person of a licensee;
(2) a person that acquires control of a licensee or controlling person of a licensee by devise or descent;
(3) a person that acquires control as a personal representative, custodian, guardian, conservator, or trustee, or as an officer appointed by a court of competent jurisdiction or by operation of law; and
(4) a person or transaction that the Commission by rule or order exempts in the public interest.
(e) Subsection (a) of this section does not apply to public offerings of securities.
(f) Before filing a request for approval to acquire control, a person may request in writing a determination from the Commission as to whether the person would be considered a controlling person upon consummation of a proposed transaction. If the Commission determines that the person would not be a controlling person, the Commission shall enter an order to that effect and the proposed person and transaction is not subject to the requirements of subsections (a) through (c) of this section.