SECTION 7. License transfers or assignments; approval

No license or control thereof shall be transferred or assigned without the prior written consent of the issuing authority, which consent shall not be arbitrarily or unreasonably withheld. Such consent shall be given only after a hearing upon a written application therefor on forms to be prescribed by the department. The application for consent to a transfer or assignment shall be signed by the licensee and by the proposed transferee or assignee or by their representatives, evidence of whose authority shall be submitted with the application. The consent of an issuing authority to a transfer or assignment of a license for an unconstructed CATV system shall not be given if the consideration being paid in the proposed transaction includes a substantial payment for the license.