13 C.F.R. § 120.473 Change of ownership or control.
Title 13 - Business Credit and Assistance
(a) Any change of ownership or control without prior written approval of SBA is prohibited. An SBLC must request approval of any such change from the AA/FA. Pending the approval, the SBLC may not register the proposed new owners on its transfer books nor permit them to participate in any manner in the conduct of the SBLC's affairs. Change of ownership or control includes: (1) Any transfer of 10 percent or more of any class of the SBLC's stock, and any agreement providing for such transfer; (2) Any transfer that could result in the beneficial ownership by any person or group of persons acting in concert of 10 percent or more of any class of its stock, and any agreement providing for such transfer; (3) Any merger, consolidation, or reorganization; or (4) Any other transaction or agreement that transfers control of the SBLC. (b) If transfer of ownership or control is subject to the approval of any State or Federal chartering, licensing, or other regulatory authority, copies of any documents filed with such authority must, at the same time, be transmitted to the AA/FA.
Title 13: Business Credit and Assistance
PART 120—BUSINESS LOANS
Subpart D—Lenders
§ 120.473 Change of ownership or control.
