[§441-30.5]  Transfer of license.  (a)  No license issued under this chapter shall be transferred, assigned, or loaned to another person.  Any transaction involving the transfer of a licensee's business to another person shall require the prior approval of the director.

     (b)  The director may disapprove the proposed transfer of a license:

     (1)  For failure of the current licensee to meet and satisfy the requirements of section 441-46;

     (2)  For failure of the person intending to assume the current licensee's business to meet and satisfy the requirements of section 441-21; or

     (3)  In the interest of the contract holders of the current licensee.

     (c)  Within sixty days after receipt of the notification of disapproval of the transfer of the licensee's business, the licensee may request an administrative hearing to review the disapproval pursuant to chapter 91. [L 1988, c 73, §1]