Promptly after a sale becomes effective, the seller shall:
(a) Surrender to the commissioner for cancellation the certificate of authority or license issued to it by the commissioner that relates to the California branch business unit sold.
(b) File with the commissioner any report of the sale that the commissioner may require.
(Amended by Stats. 1996, Ch. 1064, Sec. 499. Effective January 1, 1997. Operative July 1, 1997.)