Sec.  73.865   Assignment and transfer of LPFM licenses.

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

   (1) Consideration promised or received exceeds the depreciated fair market
   value of the physical equipment and facilities; and/or

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

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

   (c) Holding period: A license cannot be transferred or assigned for three
   years from the date of issue, and the licensee must operate the station
   during the three-year holding period.

   (d) No party may assign or transfer an LPFM construction permit at any time.

   (e) Transfers of control involving a sudden change of more than 50 percent
   of an LPFM's governing board shall not be deemed a substantial change in
   ownership or control, subject to the filing of an FCC Form 316.

   [ 73 FR 3216 , Jan. 17, 2008]