If a change in the ownership of a security guard agency results in the failure to meet the qualifications set forth in section 9 of this chapter:

1. (1) the license for the security guard agency terminates on the date the change in ownership is effective; and
2. (2) the security guard agency must file a new application for a license as a security guard agency with the board.

As added by P.L.185-2007, SEC.27.