Mich. Admin. Code R. 436.1115 - Retail license; minimum qualifications; corporate stock transfer
Rule 15.
(1) Before
the issuance of a retail license, an applicant shall meet both of the following
minimum qualifications, if applicable:
(a) If
an applicant is an individual, the applicant shall be of good moral character;
if an applicant is a partnership, each partner shall be of good moral
character; if an applicant is a limited liability company, each member shall be
of good moral character; and if an applicant is a privately held corporation,
all stockholders, officers, and members of the board of directors shall be of
good moral character.
(b) If an
applicant is an individual, he or she shall submit fingerprints; if an
applicant is a partnership, other than a limited partnership, the applicant
shall submit the fingerprints of each partner; if an applicant is a limited
partnership, the applicant shall submit the fingerprints of each general
partner; if an applicant is a limited liability company, the applicant shall
submit the fingerprints of each member and manager who owns 10% or more of the
total interest of the limited liability company; and if an applicant is a
privately held corporation, the applicant shall submit the fingerprints of
those stockholders who own 10% or more of the corporate stock.
(2) If a person who is a
stockholder in an applicant corporation and who has not been fingerprinted by
the commission applies to transfer to himself or herself 10% or more of the
corporate stock, in the aggregate, of a privately held licensed retail
corporation, then the commission shall fingerprint and investigate the person
before the commission grants approval of the stock transfer.
(3) If a person who is a member of a limited
liability company and who has not been fingerprinted by the commission applies
to transfer to himself or herself 10% or more of the total interest in the
retail licensed limited liability company, then the commission shall
fingerprint and investigate the person before the commission grants approval of
the transfer of interest.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.