- If the ownership of a contract security company changes, the new owner, if not already a licensee, may not operate that company more than thirty (30) days after the date of the change of ownership unless, within the thirty-day period, the new owner submits an application for a license. If the application is submitted, the new owner may continue to operate the company until the application has been finally determined by the commissioner.
- For good cause, the commissioner may extend the period for submitting an application pursuant to subsection (a) for a reasonable time.