(a) When any person ceases to be a licensee by reason of a discontinuance, sale, or transfer of his or her business at any location, he or she shall notify the Commissioner in writing at the time the discontinuance, sale, or transfer takes effect. The notice shall give the date of discontinuance and, in the event of a sale or transfer of the business, the name and address of the purchaser or transferee. All taxes, interest, and penalties not yet due and payable under the provisions of this chapter shall be due and payable, notwithstanding such provisions, concurrently with the discontinuance, sale, or transfer. The licensee shall file a report and simultaneously pay all taxes, interest, penalties, and other expenses due by him or her and surrender to the Commissioner the license certificate issued to him or her together with all duplicates and copies, and a user shall remove and surrender to the Commissioner all identification markers from his or her motor vehicles. Until such notice has been given to the Commissioner by a licensee required to file a bond, the seller and his or her surety shall be liable for the taxes, interest, penalties, and other expenses accruing against the transferee, but only to the extent of the value of the property transferred.

(b) The Commissioner may suspend or revoke the license, the right to operate any vehicle, and any registrations of a person who fails to comply with any provision of this chapter or any rule adopted pursuant to this chapter. Such suspension or revocation shall be effective upon not less than 15 days' notice unless within those 15 days the licensee shall request in writing a hearing to show cause why the suspension or revocation should not become effective.

(c) The Commissioner may reinstate a suspended license or issue a new license at any time upon satisfaction by the licensee of the delinquency for which such license was revoked. (Added 1981, No. 172 (Adj. Sess.), § 1; amended 1983, No. 44, § 9, eff. April 21, 1983.)