(a) If a finance lender or broker licensee seeks to change its place of business to a street address other than that designated in its license, the licensee shall provide notice to the Board at least 60 days prior to the change. The Board shall notify the licensee not later than 15 days after its decision if the Banking Board disapproves the change. If the Board does not notify the licensee of disapproval within 15 days, the change in address is deemed approved.
(b) If notice is not given at least 60 days before the change of a street address of a place of business, as required by subsection (a), or notice is not given at least 60 days before engaging in business at a new location, as required by section 787, the Board may assess a civil or administrative penalty on the licensee not to exceed $500.