(1) When a change in control occurs for an exchange facilitator, the exchange facilitator within 10 business days after the change in control becomes effective shall notify the exchange facilitators clients with relinquished property located in this state or for which the exchange facilitator holds replacement property under a qualified exchange accommodation agreement. If the exchange facilitator is a publicly traded company and remains a publicly traded company after the change in control, the publicly traded company need not notify existing clients about the change in control. (2) The notice required under subsection (1) of this section must: (a) Be delivered by hand, first-class mail, overnight mail, electronic mail or facsimile; (b) Be posted on any website the exchange facilitator maintains for 90 days after the effective date of the change in control; and (c) Set forth the name, address, telephone number and other contact information for the person that assumes control of the exchange facilitator. (3) For purposes of this section, a change in control for an exchange facilitator occurs if more than 50 percent of the exchange facilitators assets or ownership interests transfer, directly or indirectly, to another person within 12 months.
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