(b) Extent to which agreements remain in effect.

1. (1) In general. Except as otherwise provided in this section, any agreement entered into by the commissioner under subsection (a) of this section shall remain in effect for the term of the agreement.

2. (2) Inadequate information or jeopardy. The commissioner may terminate any agreement entered into by the commissioner under subsection (a) of this section if:

   1. (A) Information which the taxpayer provided to the commissioner prior to the date such agreement was entered into was inaccurate or incomplete; or
   2. (B) The commissioner believes that collection of any tax to which an agreement under this section relates is in jeopardy.

3. (3) Subsequent change in financial conditions.

   1. (A) In general. If the commissioner makes a determination that the financial condition of a taxpayer with whom the commissioner has entered into an agreement under subsection (a) of this section has significantly changed, the commissioner may alter, modify, or terminate such agreement.
   2. (B) Notice. Action may be taken by the commissioner under subdivision (b)(3)(A) of this section only if:

(i) Notice of such determination is provided to the taxpayer no later than thirty (30) days prior to the date of such action; and

1. (ii) Such notice includes the reasons why the commissioner believes a significant change in the financial condition of the taxpayer has occurred.

2. (4) Failure to pay an installment of any other tax liability when due or to provide requested financial information. The commissioner may alter, modify, or terminate an agreement entered into by the commissioner under subsection (a) of this section in the case of the failure of the taxpayer to:

   1. (A) Pay any installment at the time such installment payment is due under such agreement;
   2. (B) Pay any other tax liability at the time such liability is due; or
   3. (C) Provide a financial condition update as requested by the commissioner.