Section 805.11. Nontransferability of license

A lottery license issued pursuant to this part shall not be transferable. If the business to which a license is issued or the ownership substantially changes, the Secretary reserves the right to terminate the lottery license. The Secretary shall be notified in writing at least ten days prior to any proposed business change or change in ownership thereof. A substantial change in ownership un- der this part shall mean a transfer of 50% or more of the equity of any business licensed pursuant to this part. If the business to which a license is issued changes its business location, such license shall terminate as of the date of the change and a new application for agent’s license shall be filed and acted upon by the Secretary. Every such change of business location shall be reported in writing to the Secretary at least ten days prior to such change.