Colorado § 23-64-116 - Application for change of ownership - definition.
Full text of Colorado Colorado Revised Statutes § 23-64-116 — Application for change of ownership - definition., with citation guidance and answers to common questions.
§ 23-64-116. Application for change of ownership - definition.
(1) In the event of a change of ownership of a school, the seller, prior to the effective date of the change of ownership, shall notify the board in writing, and the buyer, prior to the change of ownership, shall apply for approval of the change of ownership upon forms to be provided and in a manner prescribed by the board. In the event of the buyer's or seller's failure to comply with this subsection (1), the school's certificate of approval is suspended by operation of law until the application has been received and approved by the board as provided in this section. The change of ownership must not occur unless the board gives prior approval.
(2) Following the review and evaluation of an application and any further information required by the board to be submitted by the applicant and an investigation and appraisal of an applicant as the board deems necessary or appropriate, the board shall either grant or deny the application. Denial of an application shall be in the same manner as set forth in section 23-64-118 for a denial of an application for a certificate of approval; except that the board shall not be required to submit a notice of noncompliance.
(3) "Ownership", for the purpose of this section, means ownership of a controlling interest in the school or, in the event the school is owned or controlled by a corporation or other legal entity other than a natural person, ownership of a controlling interest in the legal entity owning or controlling the school.
Source: L. 2017: Entire article added with relocations, (HB 17-1239), ch. 261, p. 1189, § 1, effective August 9. L. 2024: (1) amended, (HB 24-1333), ch. 270, p. 1768, § 3, effective August 7.
Editor's note: This section is similar to former § 12-59-110 as it existed prior to 2017.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 23-64-116
What does Colorado Revised Statutes § 23-64-116 cover?
Section 23-64-116 ("Application for change of ownership - definition.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 23-64-116?
A common citation format is "Colorado Revised Statutes § 23-64-116" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 23-64-116 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.