A12.  The business organization must notify the appropriate division within 45 days of the termination of the relationship with the qualifying agent and shall have 120 days from the termination of the agent’s affiliation with the business to employ another qualifying agent and submit an application for licensure under the new qualifying agent.  If such application is denied, then after passage of the 120 day period, the business organization shall cease to be considered licensed.  The division, in such circumstances, may issue a temporary nonrenewable license which will allow the entity to proceed with incomplete contracts already in progress.