The division shall be promptly notified by the registrant when there is a change in the ownership of the registrant, and the certificate of registration shall immediately be returned to the division for cancellation. No new certificate of registration shall be issued until the previous certificate is cancelled. If there is such a change, the new registrant shall file a new application and pay the prescribed application and initial registration fees.

Note: Authority cited: Section 2558, Business and Professions Code. Reference: Sections 2551 and 2553, Business and Professions Code.