(a) An application for an original pawnshop license or the transfer of a pawnshop license is required if a change in direct or beneficial ownership of a licensed pawnshop occurs.
(b) This section does not apply to a change in direct or beneficial ownership of a licensed pawnshop if the pawnshop is owned directly or beneficially by a person who:
(1) is an issuer of securities who is described by § 371.054(c)(1);
(2) is described by § 371.054(c)(2) and has submitted to the commissioner each filing required by Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78o(d)) and paid a filing fee of $100 with each; and
(3) has filed information on officers and directors of the issuer or any licensed or intermediate subsidiary as required by § 371.054 for officers and directors of a corporation.