Section 45.14 - Notice of Significant Events and Proposed Change in Ownership or Personnel(1) A licensee shall be required to notify the Division in writing within one business day of the occurrence of any of the following significant developments: (a) A licensee files for bankruptcy or reorganization;(b) A licensee receives:1. Notification to cease and desist in any state;2. Notification of the initiation of license denial, suspension, or revocation procedures in any state; or3. Notification of other formal regulatory action against the licensee in any state;(c) An officer, director, member, or principal employee of a licensee being charged with a criminal offense that is in any way related to check cashing, check selling, or money transmittal activities of a licensee, including, but not limited to, the handling or reporting of moneys received or instruments sold; or(d) An officer, director, member, principal employee, or manager of an authorized agent being convicted of any felony.(2)(a) A licensee shall file a notice with the Commissioner at least 30 days prior to the occurrence of any proposed change in control. Upon such notice, the Commissioner may investigate the licensee as if the licensee applied for a new license or as the Commissioner otherwise deems necessary. In the case of a corporation, change in control is defined as: 1. A change of ownership by a person or group acting in concert to acquire 10% of the stock; or2. The ability of a person or group acting in concert to elect a majority of the directors or otherwise effect a change in policy of the corporation.(b) A notice of change in personnel or ownership shall contain the following information: 1. the name, address, and occupation of each proposed officer, partner, director, or shareholder; and2. such other information as the Commissioner may require.(3)(a) No later than five days subsequent to a change in management of any authorized agent that is engaged in the business of transmitting money on behalf of a foreign transmittal agency at a licensed location in the Commonwealth, a notice shall be filed with the Commissioner who may thereupon cause such investigation to be made as the Commissioner deems necessary.(b) A notice of change in management shall contain the following information:1. the name, address, and occupation of each proposed manager of that location; and2. such other information as the Commissioner may require.Amended by Mass Register Issue 1321, eff. 9/9/2016.Amended by Mass Register Issue 1324, eff. 9/9/2016.