(a) If certain application information as specified by department rule changes after the applicant submits an application to the department for a license under this chapter or after the department issues the license, the license holder shall report the change to the department and pay a fee not to exceed $50 not later than the time specified by department rule.
(b) The executive commissioner by rule shall:
(1) specify the information provided in an application that a license holder shall report to the department if the information changes;
(2) prescribe the time for reporting a change in the application information required by Subdivision (1);
(3) establish which changes required to be reported under Subdivision (1) will require department evaluation and approval; and
(4) set the amount of a late fee to be assessed against a license holder who fails to report a change in the application information within the time prescribed under Subdivision (2).