California Code, Business and Professions Code - BPC § 7507

A licensee shall notify the bureau within 30 days of any change of its corporate officers or of the addition of any partners.   Applications, on forms prescribed by the director, shall be submitted by all new officers and partners.  The director may suspend or revoke a license issued under this chapter if the director determines that a new officer or partner has committed any act that constitutes grounds for the denial of a license pursuant toSection 7503.5.