One of the most commonly overlooked regulatory agency approvals in a business transaction is FCC approval of radio license assignments and transfers - and the reason it is often overlooked is that many businesses are unaware that their radio communication systems fall under the jurisdiction of the FCC. But contractors with truck radios, fast food restaurants with drive up windows, hotels, restaurants and school systems with security systems and many more all fall under FCC regulation of radios on licensed frequencies. When these communication systems are bought, sold or othewise transferred - including new ownership through a death, foreclosure or bankruptcy and even pro forma transfers - the owners are susceptible to significant fines if they have not received proper FCC approval prior to the transaction.