(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 shall 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; or

(b) adding an individual or entity as a less than 10 percent owner.

(3) Licensees shall 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 10 percent to 10 percent or more;

(d) changing the entity type of the business; 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.