The commission may suspend or revoke a local industry representative license if a local industry representative licensee does not immediately notify the department of a change in:

1. (1) ownership of the business;

2. (2) for a corporate owner, the:

   1. (a) corporate officers or directors; or
   2. (b) shareholders holding at least 20% of the total issued and outstanding stock of the corporation; or

3. (3) for a limited liability company:

   1. (a) managers; or
   2. (b) members owning at least 20% of the limited liability company.