What is the penalty for failing to notify the Commission of a change of ownership within the required days?

The correct response indicates that failing to notify the Commission of a change of ownership within the required timeframe results in a penalty of $500 if the notification is not made within 10 days. This penalty underscores the importance of prompt communication with the regulatory body regarding ownership changes, ensuring that the Commission is always updated with accurate information about who is operating under the license.

The requirement to notify the Commission within a specific number of days is rooted in maintaining transparency and accountability in business practices. By enforcing a penalty for delays, the Commission emphasizes the significance of these notifications in safeguarding the integrity of the home improvement industry and protecting consumers.

In comparison to the other options, which provide different timelines and penalties, the choice that specifies a 10-day notification period aligns with the established regulations governing timely updates to the Commission. The monetary fine of $500 acts as a deterrent against negligence in reporting ownership changes, reflecting the regulatory framework's commitment to ensuring that licensed home improvement businesses operate under clear and current ownership disclosures.