(a) A license issued under this chapter expires on:
(1) the death of a sales agent who is an individual;
(2) the dissolution of a sales agent that is not an individual; or
(3) the bankruptcy or receivership of a sales agent.
(b) If a license expires under Subsection (a) and the sales agent's successor in interest desires to operate the sales agency, the successor shall file an application for an extended license not later than the 30th day after the date the license expired. The application must state the basis for the applicant's claim to be the successor in interest to the sales agent and must contain a certification that the applicant would be eligible for a license under Section 466.155. The director shall permit a qualified applicant to operate under an extended license for not more than one year or until a new license is issued to the applicant, whichever occurs first.