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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