Regulations: Regulation Five

Regulations

Regulation Five:
Covers changes in dealership

  1. Name Change
  2. Whenever a licensee of the Commission changes the name under which the license was issued, the licensee shall provide written notice of the name change to the Commission prior to the effective date of the name change, and the Commission shall make the appropriate notations in its records.

  3. Corporate Ownership Change
  4. Any change in stock ownership in a corporate licensee of the Commission shall be reported to the Commission, in writing, within five (5) days of the manufacturer's approval of the change. If the change in stock ownership involves a person or entity that was not among the principals in the initial application, or in any application on file with the Commission, the Commission may require information regarding the financial standing and business integrity of the new stock owner.

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