N.J. Admin. Code § 17:20-4.11

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:20-4.11 - Changes and transfers of ownership (of agent licensed premises)

(a) A Lottery license issued pursuant to these regulations is not transferable without the prior approval of the Director.

(b) The Director shall be notified in writing at least 30 days prior to any change in ownership of the following: a sole proprietorship, corporate stock transfer of 10 percent or more or change in the ownership interest of a limited liability company of 10 percent or more. Immediate written notice is also due when an agent lists, advertises or offers for sale the primary business. Failure to comply with this requirement may result in immediate suspension or revocation.

(c) The new owner(s) of such a business may be issued a temporary license for a period not to exceed 90 days during which an application for licensure may be filed and reviewed, provided that the Division has received timely notice as described above.

(d) No agent shall advertise or make any representation to potential buyers of the business that the Lottery license shall be transferred with the sale or assignment or lease of the business. No advertisement, offer, representation, binder, or contract shall include any reference to a Lottery license, status as an affiliate agent, or Lottery business.

(e) The Director may set a date on which responsibility passes from the current agent to the prospective agent with respect to obligations to and compensation from the Lottery. Such date may be the closing date submitted to the Division by the parties. The Director may also establish other procedures to facilitate such events.

(f) An agent shall notify the Director within five days of receipt of any notice received or served pertaining to an eviction or foreclosure of the licensed premises.

(g) Any holder of a financial interest in a mortgage, lease, or rental agreement of a licensed premise shall notify the Director of any intention or attempt to evict or foreclose on the agent immediately upon commencing such action for eviction or foreclosure.

N.J. Admin. Code § 17:20-4.11

Amended by 50 N.J.R. 1826(b), effective 8/6/2018