North Carolina § 105-449 - 135. Issuance of license; notification of changes.

§ 105-449. 135. Issuance of license; notification of changes.

Issuance. - The Secretary must issue a license to each applicant whose application is approved. A license is not transferable and remains in effect until revoked or cancelled. Notice. - A licensee that stops engaging in this State in the business for which the license was issued must give the Secretary written notice of the change and must surrender the license. The notice must give the date the change takes effect and, if the licensee has transferred the business to another by sale or otherwise, the date of the transfer and the name and address of the person to whom the business is transferred. All taxes for which the licensee is liable under this Article but are not yet due become due on the date of the change. If the licensee transfers the business to another and does not give the notice required by this section, the person to whom the business was transferred is liable for the amount of any tax the licensee owed the State on the date the business was transferred. The liability of the person to whom the business is transferred is limited to the value of the property acquired from the licensee. History (1995, c. 390, s. 3; 2017-204, s. 4.6(b).) Editor's Note. - Session Laws 2017-204, s. 4.9, provides in part: "The remainder of this part is effective when it becomes law [August 11, 2017] and applies to requests for review filed on or after that date and to requests for review pending on that date for which the Department reissues a request for additional information, allows the taxpayer time to respond by the requested response date, and provides notification to the taxpayer that failure to timely respond to the request will result in the request for review being subject to the provisions of G.S. 105-241.13 A." Session Laws 2017-204, s. 7.1, is a severability clause. Effect of Amendments. - Session Laws 2017-204, s. 4.6(b), effective August 11, 2017, substituted "licensee" for "license holder" throughout the section; and substituted "revoked" for "surrendered" in subsection (a). For applicability, see editor's note.