1. If the natural person qualifying by examination on behalf of another natural person or a firm pursuant to subsection 2 of NRS 624.260 ceases for any reason to be connected with the licensee to whom the license is issued, the licensee shall notify the Board in writing within 10 days after the cessation of association or employment. If a notice is given, the license remains in force for a reasonable length of time to be set by the Board, but not exceeding 30 days after the date of the cessation of association or employment.
2. The licensee shall replace the person originally qualified with another natural person similarly qualified and approved by the Board within the time limited by subsection 1, unless extended by the Board for good cause.
3. If the licensee fails to notify the Board within the 10-day period the license must be automatically suspended. The license must be reinstated upon the replacement of the person originally qualified by another natural person similarly qualified and approved by the Board.
4. If the licensee fails to replace the person originally qualified within the 30-day period, the license may be suspended or revoked.
(Added to NRS by 1967, 1595; A 1987, 613)