(1) A transaction under a bona fide sale is complete only if the department receives an application for a license submitted pursuant to ARM 42.12.101, and the department approves the application pursuant to 16-4-402 , MCA, and this rule.

(2) An application will not be approved if the sale transaction:

(a) provides for a person other than the applicant to have an option to purchase the license;

(b) involves an escrow agent, unless the parties are required to report to the department all changes or assignments to the original escrow agreement within 30 days of the change;

(c) involves a loan from a non-institutional lender or a loan guarantor, unless the loan from a non-institutional lender has been approved in writing by the department, but this does not preclude a qualified owner of a license from lending money to the business operated under the license or from individually guaranteeing a debt incurred by the business operated under the license;

(d) involves a lessor of the licensed premises who is not qualified to own the license being applied for, unless the department approves in writing;

(e) involves an applicant who is or will be the manager of an associated business if the associated business is owned or controlled by a person who is not qualified to own the license being applied for, unless the department approves in writing; or

(f) involves any business relationship, with respect to the proposed alcoholic beverages business, with a person who is not qualified to own the license being applied for, unless the department approves in writing.