To avoid automatic suspension after losing your QM, what must the licensee do within 30 days?

To avoid automatic suspension after losing your QM, what must the licensee do within 30 days?

• A. Hire a new QM
• B. Cancel the license
• C. Update the business address
• D. Notify the cessation to authorities

Answer: (D)

Losing the qualified manager triggers a 30-day deadline to inform the regulatory authorities that you are ceasing operations because the QM requirement can no longer be met. This notice is the essential step to avoid automatic suspension of the license while you arrange a new QM or take other compliant actions. Hiring a new QM is needed to resume normal operations, but it does not itself satisfy the required 30-day notice. Updating the business address or canceling the license do not address the immediate QM lapse within that window.

Losing the qualified manager triggers a 30-day deadline to inform the regulatory authorities that you are ceasing operations because the QM requirement can no longer be met. This notice is the essential step to avoid automatic suspension of the license while you arrange a new QM or take other compliant actions. Hiring a new QM is needed to resume normal operations, but it does not itself satisfy the required 30-day notice. Updating the business address or canceling the license do not address the immediate QM lapse within that window.