Notwithstanding any provision of law, a license, registration, certificate, permit, exception, or other indicia of authority issued by the department under any provision of this code is forfeited by operation of law prior to its expiration date when one of the following events occurs:
(a) The holder surrenders the indicia to the department.
(b) The holder dies.
(c) The partnership holder dissolves.
(d) The holder of a significant financial interest in a corporation transfers his or her interest to another person or entity, regardless of relationship. The secretary shall determine what constitutes a “significant financial interest” for the purposes of this subdivision.
(Added by Stats. 1997, Ch. 238, Sec. 1. Effective January 1, 1998.)