§ 66-14 Business Requirements – Change in Business Ownership or Application Information.
RCNY § 66-14
(a)Approval for Transfer of Ownership. A Technology System Provider Licensee must not make any change in the officers, directors, members, partners or general partners or transfer any ownership interest in the Technology System Provider, if such transfer would result in a new principal shareholder, without the prior consent of the Commission. This prohibition includes the transfer of any ownership interest and any agreement to transfer an ownership interest in the future. 35 RCNY § 66-14(a)Penalty: $1,000 - $5,000 fine and suspension until consent of Commission is obtained or change in business ownership is withdrawn, or revocationAppearance REQUIRED (b) Approval for Change to Application Information. A Technology System Provider Licensee must obtain the Commission's approval before making any change in the location of its business premises where it interacts with customers, the location of its facility where installation and/or repairs of Systems are performed, mailing address, corporate name, trade name, or any other material deviation from the description of the Technology System Provider as stated in the original or renewal application. 35 RCNY § 66-14(b)Penalty: $500 - $1,000 fineAppearance REQUIRED (Added City Record 5/17/2018, eff. 6/16/2018)
