(1) An abbreviated application may be used to modify a license as set forth in (2) and (3). The application process in ARM 42.12.101 shall be followed in all other cases.

(2) Licensees must submit an abbreviated application within 90 days of:

(a) removing an existing, previously qualified owner, member, partner, or shareholder from the license without the exchange of funds;

(b) adding an individual or entity as a less than 15 percent owner; or

(c) changing the entity type of the licensee if the existing owners and ownership percentages do not change.

(3) Licensees must submit an abbreviated application prior to:

(a) changing the ownership interest between two or more qualified owners, members, partners, or shareholders;

(b) transferring the location of the license;

(c) increasing the current ownership interest of any owner, member, partner, or shareholder from less than 15 percent to 15 percent or more;

(d) changing the entity type of the business if the existing owners or ownership percentages also change; or

(e) changing the license type.

(4) A licensee's failure to timely submit an abbreviated application shall constitute a violation and may subject the licensee to administrative action.