32B-7-405. Notifying department of change of ownership.
The commission may suspend or revoke an off-premise beer retailer state license if an off-premise beer retailer state licensee does not immediately notify the department of a change in:
(1) ownership of the licensee's business;
(2) for a corporate owner, a shareholder holding at least 20% of the total issued and outstanding stock of the corporation; or
(3) for a limited liability company, a member owning at least 20% of the limited liability company.