MHIC NASCLA Contractors Practice Exam

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Prepare for the MHIC NASCLA Contractors Exam with our comprehensive quiz. Practice with multiple-choice questions that closely mimic the actual examination format and receive detailed explanations for each answer. Get ready to elevate your contracting career!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

How many days does a licensee have to notify the Commission of a change in ownership, management, or address?

5 days
10 days
15 days
20 days

The correct answer is: 10 days

A licensee is required to notify the Commission of any changes in ownership, management, or address within a specific timeframe to maintain compliance with regulatory standards. In this case, the correct timeframe is 10 days. This requirement ensures that the Commission is kept informed of all significant changes that could affect the operation and integrity of the business. Timely reporting of such changes is crucial for proper oversight and to ensure that the licensee continues to meet all necessary obligations under the law. Understanding the importance of this timeline helps licensees manage their responsibilities effectively and avoid potential penalties or lapses in compliance that could arise from failing to notify the Commission promptly.