North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-09.1-17. Notice and information requirements for a change of key individuals

1. A licensee adding or replacing any key individual shall:

2. Within ninety days of the date on which the notice provided pursuant to subsection 1 was determined to be complete, the commissioner may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual would not be in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of the licensee.

3. A notice of disapproval must contain a statement of the basis for disapproval and must be sent to the licensee and the disapproved individual. A licensee may appeal a notice of disapproval by requesting a hearing before the commissioner within twenty days after receipt of notice of disapproval in accordance with chapter 28-32.

4. If the notice provided pursuant to subsection 1 is not disapproved within ninety days after the date on which the notice was determined to be complete, the key individual is deemed approved.

5. If a multistate licensing process includes a key individual notice review and disapproval process pursuant to this section and the licensee avails itself or is otherwise subject to the multistate licensing process: