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: corporate officers or directors; or shareholders holding at least 20% of the total issued and outstanding stock of the corporation; or
(3) for a limited liability company: managers; or members owning at least 20% of the limited liability company.