(1) Every licensee shall at all times maintain on file with the executive director a current report, verified by the affidavit of the person or an officer of a corporation and every stockholder thereof, to whom the license is issued, which shall set forth such information as may be required by the regulations of the commission.
(2) With respect to each licensee, the commission shall carefully review, not less frequently than once every three (3) years, the information in the current report required under subsection (1) to determine if there has been any substantial change in the information provided in the application for the initial license.
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