Added by Stats. 1997, Ch. 696, Sec. 57. Effective January 1, 1998.
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.
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