Sec. 704. (a) A licensee shall file a report with the director not later than one (1) business day after the licensee has reason to know of the occurrence of any of the following events:
(1) The filing of a petition by or against the licensee under the federal Bankruptcy Code (11 U.S.C. 101-110) for bankruptcy or reorganization.
(2) 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.
(3) The commencement of a proceeding to revoke or suspend the licensee's license in a state or country in which the licensee engages in business or is licensed.
(b) A licensee shall file a report with the director not later than three (3) business days after the licensee has reason to know of the occurrence of any of the following events:
(1) A charge or conviction of:
(A) the licensee;
(B) a key individual with respect to the licensee; or
(C) a person in control of the licensee;
for a felony.
(2) A charge or conviction of an authorized delegate for a felony.