The commission may suspend, revoke, or deem forfeited an alcohol license if the alcohol licensee does not notify the department, within 60 days after the day on which the change occurs, of a change in:

1. (1) ownership of the business entity holding the alcohol license;

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

   1. (a) corporate officers or directors of the alcohol licensee; 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 of the limited liability company; or
   2. (b) members owning at least 20% of the limited liability company.

Amended by Chapter 371, 2023 General Session