Georgia § 7-1-688 - Approval required of new ultimate equitable owner, other change of control, or executive officer of licensee; denial of application.
Full text of Georgia Official Code of Georgia Annotated § 7-1-688 — Approval required of new ultimate equitable owner, other change of control, or executive officer of licensee; denial of application., with citation guidance and answers to common questions.
§ 7-1-688. Approval required of new ultimate equitable owner, other change of control, or executive officer of licensee; denial of application.
Except as provided in this Code section, no person shall become an ultimate equitable owner of any licensee through acquisition or other change in control or become an executive officer of a licensee as a result of such acquisition or other change in control unless the person has first received written approval for such acquisition, change in control, or designation as an executive officer from the department. In order to obtain such approval, such person shall: File an application with the department in such form as the department may prescribe from time to time; Provide such other information as the department may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors and executive officers, if a corporation, and its members, if applicable, and of any proposed new directors, executive officers, members, or ultimate equitable owners of the licensee; and Pay such application fee as the department may prescribe. The department may prescribe additional requirements for approval of such acquisition, change in control, or designation as an executive officer as a result of such acquisition or other change in control through rules and regulations. If the application is denied, the department shall notify the applicant of the denial and the reasons for the denial. (Code 1981, § 7-1-688 , enacted by Ga. L. 2014, p. 251, § 1/HB 982; Ga. L. 2018, p. 214, § 19/HB 780.) The 2018 amendment, effective May 3, 2018, inserted "as a result of such acquisition or other change in control" in the first sentence of the introductory paragraph of subsection (a) and in subsection (b). See Editor's notes for applicability. Editor's notes. - Ga. L. 2018, p. 214, § 26(b)/HB 780, not codified by the General Assembly, provides that: "It is not the intent of the General Assembly to affect the law applicable to litigation pending as of March 9, 2018."
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 7-1-688
What does Official Code of Georgia Annotated § 7-1-688 cover?
Section 7-1-688 ("Approval required of new ultimate equitable owner, other change of control, or executive officer of licensee; denial of application.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. 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 Georgia § 7-1-688?
A common citation format is "Official Code of Georgia Annotated § 7-1-688" (Georgia). 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 Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 7-1-688 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia 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 Georgia.