Ownership changes.
(1) Licensees must receive prior board approval before making any of the following ownership changes (see WAC 314-55-035 for the definition of "true party of interest"):
Type of change | Type of application | Fee |
Change in the true parties of interest or owners in a: Sole proprietorship, general partnership, limited partnership, or limited liability partnership. | New application. | Application fee and annual fee for current license privilege. |
Change in the true parties of interest or owners for a publicly or privately held corporation. The board will waive the fee for a corporate change when the proposed change consists solely of dropping an approved officer. | Application for change in corporate officer and/or stockholder. | $75 |
Change in the true parties of interest or owners in a limited liability company. | Application for change of limited liability company member and/or manager. | $75 |
Accepting additional funds from a new or previously approved financier. | Added financier. | $75 |
(2) Licensees must notify the board if there are any changes to marital status of any true party of interest in the license.
(3) The board may inquire into all matters in connection with any sale of stock/units or proposed change in officers/members.
(4) If the board receives an application to change the ownership structure of a licensee, the application will be withdrawn unless one or more of the following is submitted:
(a) Proof that the party being removed was notified that they were being removed and they did not object within 90 days;
(b) Signed documentation from the true party of interest being removed for the licensed entity that they agree with the removal; or
(c) A final court document removing them.