32-9-113. Application for licensure. In order for an entity to be considered for state licensure, each of the following is required to independently meet the requirements established in 32-9-120(1)(a) through (1)(d):
     (1) ultimate equity owners of 25% or more of the applicant if the equity owners are individuals;
     (2) control persons of the applicant if the control persons are individuals; and
     (3) individuals that control, directly or indirectly, the election of 25% or more of the members of the board of directors of the entity.

     History: En. Sec. 12, Ch. 321, L. 2009.