§  73.865   Assignment and transfer of LPFM permits and licenses.

   (a) Assignment/transfer. No party may assign or transfer an LPFM permit
   or license if:

   (1) Consideration promised or received exceeds the legitimate and
   prudent expenses of the assignor or transferor. For purposes of this
   section, legitimate and prudent expenses are those expenses reasonably
   incurred by the assignor or transferor in obtaining and constructing
   the station (e.g., expenses in preparing an application, in obtaining
   and installing broadcast equipment to be assigned or transferred,
   etc.). Costs incurred in operating the station are not recoverable
   (e.g., rent, salaries, utilities, music licensing fees, etc.);

   (2) The assignee or transferee is incapable of satisfying all
   eligibility criteria that apply to a LPFM licensee; or

   (3) For a period of time commencing with the grant of any construction
   permit awarded based on the comparative point system, § 73.872, and
   continuing until the station has achieved at least four years of on-air
   operations:

   (i)(A) The assignee or transferee cannot meet or exceed the points
   awarded to the initial applicant; or

   (B) Where the original LPFM construction permit was issued based on a
   point system tie-breaker, the assignee or transferee does not have a
   “locally established date,” as defined in § 73.853(b), that is the same
   as, or earlier than, the date of the most recently established local
   applicant in the tied mutually exclusive (MX) group.

   (ii) Any successive applicants proposing to assign or transfer the
   construction permit or license prior to the end of the aforementioned
   period will be required to make the same demonstrations. This
   restriction does not apply to construction permits that are awarded to
   non-mutually exclusive applicants or through settlement.

   (b) Name change. A change in the name of an LPFM permittee or licensee
   where no change in ownership or control is involved may be accomplished
   by written notification by the permittee or licensee to the Commission.

   (c) Holding period. A construction permit cannot be assigned or
   transferred for 18 months from the date of issue.

   (d) Board changes. Notwithstanding the other provisions in this
   section, transfers of control involving a sudden or gradual change of
   more than 50 percent of an LPFM's governing board are not prohibited,
   provided that the mission of the entity remains the same and the
   requirements of paragraph (a) of this section are satisfied. Sudden
   majority board changes shall be submitted as a pro forma ownership
   change within 30 days of the change or final event that caused the LPFM
   permittee or licensee to exceed the 50 percent threshold.

   [ 85 FR 7889 , Feb. 12, 2020]