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            A. Every pharmacy benefit manager that does business in this state or pays for benefits for a beneficiary through a pharmacy benefit management plan shall be licensed or permitted as required by this Chapter.

            B. No license or permit shall be issued to a pharmacy benefit manager who has not registered with the Louisiana secretary of state to conduct business within the state.

            C. Each license and permit shall be valid only for the applicant listed on the application.

            D.(1) A pharmacy benefit manager license or permit is not transferable.

            (2) No license or permit shall be subject to sale, assignment, or other transfer, voluntary or involuntary.

            (3) In the event the ownership of the pharmacy benefit manager changes by fifty percent or more after the initial issuance of the license or permit, the ownership shall be deemed sufficiently different as to require a new pharmacy benefit manager license or permit.

            (4) The continued operation of a pharmacy benefit manager under a license or permit issued pursuant to this Chapter after its ownership has changed by fifty percent or more shall constitute sufficient basis for finding that the pharmacy benefit manager is operating in this state without a valid license or permit in violation of this Chapter.

            Acts 2019, No. 124, §3, eff. July 1, 2020.