32-9-113. Application for license -- renewal. In order for an entity to be considered for a state license or license renewal, each of the following is required to independently meet the requirements established in 32-9-120(1)(a) through (1)(c) and (1)(g):
     (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. (See part compiler's comment regarding contingent suspension.)

     History: En. Sec. 12, Ch. 321, L. 2009; amd. Sec. 13, Ch. 317, L. 2011.