(a) A licensee shall file a report with the commissioner within one business day after the licensee has reason to know of the:
(1) Filing of a bankruptcy or reorganization petition by or against the licensee;
(2) filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee's dissolution or reorganization or the making of a general assignment for the benefit of the licensee's creditors; or
(3) commencement of a proceeding to revoke or suspend the licensee's license in a state or country where the licensee engages in business or is licensed.
(b) A licensee shall file a report with the commissioner within three business days after the licensee has reason to know of a felony conviction of:
(1) The licensee or a key individual or person in control of the licensee; or
(2) an authorized delegate.
(c) This section shall take effect on and after January 1, 2025.