Nevada § 628B.380 - License not transferable or assignable; authority to merge or consolidate with, or transfer assets and control to other licensee with approval of Commissioner; report of certain changes to Commissioner; approval of Commissioner; cost of investigation

§ 628B.380. License not transferable or assignable; authority to merge or consolidate with, or transfer assets and control to other licensee with approval of Commissioner; report of certain changes to Commissioner; approval of Commissioner; cost of investigation

1. A license issued pursuant to this chapter is not transferable or assignable, but

upon the approval of the Commissioner and any applicable court of jurisdiction, a

private professional guardian company may merge or consolidate with, or transfer its

assets and control to, another entity that holds a license pursuant to this chapter. In determining whether to grant the approval, the Commissioner may consider the

factors set forth in NRS 628B.330 . 2. If a change in the control of a private professional guardian company occurs, the

chief executive officer or managing member of the company shall report the change

in control and the name of the person obtaining control to the Commissioner within

5 business days after obtaining knowledge of the change. 3. A private professional guardian company shall, within 5 business days after a change

occurs in the chief executive officer, managing member, a majority of the directors

or managing directors of the company or the employment of any private professional

guardian, report the change to the Commissioner. The company shall include in its report to the Commissioner a statement of the past

and current business and professional affiliations of each new chief executive officer,

managing member, director, managing director or private professional guardian. A new chief executive officer, managing member, director, managing director or private

professional guardian shall furnish to the Commissioner a complete financial statement

on a form prescribed by the Commissioner. 4. A person who intends to acquire control of a private professional guardian company

shall submit an application to the Commissioner. The application must be submitted on a form prescribed by the Commissioner. The Commissioner shall conduct an investigation pursuant to NRS 628B.330 to determine whether the person has a good reputation for honesty, trustworthiness

and integrity and is competent to control the private professional guardian company

in a manner which protects the interests of the general public. 5. The private professional guardian company of which the applicant intends to acquire

control shall pay the nonrefundable cost of the investigation as required by the Commissioner. If the Commissioner denies the application, the Commissioner may prohibit or limit

the applicant's participation in the business. 6. As used in this section, “ control ” means the possession, directly or indirectly, of the authority to direct or cause

the direction of the management and policy of a private professional guardian company,

or a change in the ownership of at least 25 percent of the outstanding voting stock

of, or participating members' interest in, the company.