Do we need to give written notice for a proposed change of Direct or Indirect Ownership?
Yes. The transfer of a license is required when a change in control is proposed, or more than 25% of the ownership of a licensed entity will be conveyed. Section 24 of the MTSA requires prior approval by the Director for the transfer of a license. An Advanced Change Notice must be submitted through NMLS at least 30 days before the proposed change of control occurs.