A license is forfeited by operation of law prior to its expiration date when one of the following occurs:
- (a) The holder surrenders the license to the department.
- (b) The holder dies.
- (c) The partnership holder dissolves.
- (d) The holder of a significant financial interest in a corporation transfers his or her interest to another person or entity, regardless of relationship.
- (e) The holder files for bankruptcy under provisions other than those permitting and governing reorganization under bankruptcy.