605 KAR 1:070. Change of ownership.
RELATES TO: KRS 190.030
STATUTORY AUTHORITY: KRS 190.030
NECESSITY, FUNCTION, AND CONFORMITY: KRS 190.030 requires each separate entity acting as a dealer to have a license and to make needed reports to the Motor Vehicle Commission. This administrative regulation implements those requirements, particularly when a sale or transfer occurs, so that the Commission can be on notice of who actually holds licenses.
Section 1. Any change of ownership of a licensee shall require a new application from the new owner(s) or corporation.
Section 2. Upon the sale or transfer of a licensee's business, the new owner shall secure a new license. If the licensee is a corporation, the sale of the controlling stock in the corporation must be reported to the commission, and the commission may require a new license application. (Recodified from 601 KAR 21:070, 7-13-84.)