§ 13-186. Termination of license on change of ownership; procedures for a new license; penalties for failure to apply; term of license.

(a)

A license issued under this Division is not transferable and terminates upon change of ownership.

(b)

The purchaser of a licensed single-family or multifamily rental facility may conduct/operate the property provided an application for a new license is applied for within 30 days following settlement.

(c)

If a purchaser fails to apply for a new license as required in Subsection (b) of this Section, a penalty of up to One Thousand Dollars ($1,000) for each month, or portion thereof, the single-family or multifamily rental facility was operated and/or occupied without a valid license will be assessed.

(d)

The term for a new license shall begin on the date the application with appropriate fee was received by the Director.

(e)

The term for the initial single-family rental facility license shall begin on the date the license was issued by the Director.

(Gen. Res. No. 4-1970, Sec. 1; CB-108-1979; CB-109-1985; CB-64-1993; CB-85-2015)