Report to department upon discontinuance of business

(a) A sale or transfer of assets or outstanding accounts by a licensee constitutes discontinuance of business. At least 30 days before discontinuing business, the licensee shall notify the department of the proposed sale or transfer and the identity of the proposed purchaser. The proposed purchaser must be a licensee under this chapter by the date of sale or transfer. (b) Within 30 days after the date of sale or transfer, the selling licensee shall file with the department all required documents and reports.