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How many days does a licensee have to notify the Commission of a change in ownership, management, or address?

  1. 5 days

  2. 10 days

  3. 15 days

  4. 20 days

The correct answer is: 10 days

A licensee is required to notify the Commission of any changes in ownership, management, or address within a specific timeframe to maintain compliance with regulatory standards. In this case, the correct timeframe is 10 days. This requirement ensures that the Commission is kept informed of all significant changes that could affect the operation and integrity of the business. Timely reporting of such changes is crucial for proper oversight and to ensure that the licensee continues to meet all necessary obligations under the law. Understanding the importance of this timeline helps licensees manage their responsibilities effectively and avoid potential penalties or lapses in compliance that could arise from failing to notify the Commission promptly.