Oklahoma § 68-500.36 - Issuance of licenses - Duration - Nontransferability Display - Surrender - Notice of discontinuance, sale or transfer of

§ 68-500.36. Issuance of licenses - Duration - Nontransferability Display - Surrender - Notice of discontinuance, sale or transfer of

business.

A. If the applicant and bond are approved, the Commission shall

issue a license and as many copies as the licensee has places of

business for which a license is required.

B. A license is valid until suspended, revoked for cause, or

canceled.

C. No license is transferable to another person or to another

place of business. For purposes of this section, a transfer of a

majority interest in a business association, other than a publicly

held association, including corporations, partnerships, trusts,

joint ventures and any other business association shall be deemed to

be a transfer of any license held by the business association to

another person. Any substantial change in ownership of a business

association, other than a publicly held business association, shall

be reported to the Commission pursuant to rules promulgated by the

Commission.

Oklahoma Statutes - Title 68. Revenue and Taxation

D. Each license shall be preserved and conspicuously displayed

at the place of business for which it is issued. The Commission

shall have authority to waive this requirement for any class of

licensee in its discretion.

E. Upon the discontinuance or relocation of the business, the

license issued for the location shall be immediately surrendered to

the Commission.

F. Whenever any person licensed to do business under this act

discontinues, sells, or transfers the business, the licensee shall

immediately notify the Commission in writing of the discontinuance,

sale, or transfer. The notice shall give the date of

discontinuance, sale, or transfer and in the event of the sale or

transfer of the business, the name and address of the purchaser or

transferee. The licensee shall be liable for all taxes, interest,

and penalties that accrue or may be owing and any criminal liability

for misuse of the license that occurs prior to issuance of the

notice.

Added by Laws 1996, c. 345, § 36, eff. Oct. 1, 1996.