(1) A licensee must file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following events: (a) The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. § 101-110 (January 1, 2024) for bankruptcy or reorganization; (b) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors; or (c) The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed. (2) A licensee must file a report with the director within three business day after the licensee has reason to know of the occurrence of any of the following events: (a) A charge or conviction of the licensee or of a key individual or person in control of the licensee for a felony; or (b) A charge or conviction of an authorized delegate for a felony.
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