(a) An applicant for a manufacturer's or distributor's license shall, during pendency of the application, notify the commission immediately of any change relating to a fact stated in the application.
(b) If a change occurs after issuance of a manufacturer's or distributor's license, the license holder shall report the change to the commission not later than the 14th day after the date of the change.
(c) Not later than the 14th day after the date of the change, a license holder shall notify the commission of a change in:
(1) the license holder's organization, structure, or mode of operation;
(2) the identity of persons named or required to be named in the application and the nature or extent of those persons' interest; or
(3) any other facts stated in the application.
(d) Failure to give a notice required under this section is cause for:
(1) denial, suspension, or revocation of a license; or
(2) imposition of an administrative penalty or other administrative action.