§ 32B-11-609. Notifying department of change in ownership.

The commission may suspend, revoke, or deem forfeited a local industry representative license if a local industry representative licensee does not notify the department, within 60 days after the day on which the change occurs, of a change in: (1) ownership of the business; (2) for a corporate owner, the: (a) corporate officers or directors; or (b) shareholders holding at least 20% of the total issued and outstanding stock of the corporation; or (3) for a limited liability company: (a) managers; or (b) members owning at least 20% of the limited liability company.