(1) A license issued under this chapter is not transferable.
(2) A licensee shall notify the department within 5 days of any change in its officers or directors, name, address, employment, or other material change in the information previously furnished or required to be furnished to the department or any other material change or occurrence that could reasonably be expected to affect the licensee's right to a license. On the change or occurrence, the department may suspend or revoke the license or may allow the business to be carried on for a temporary period under terms and conditions as the department may require.
(3) This section may not be applied to restrict the sale of a business if the buyer qualifies for a license under the provisions of this chapter.