California Code, Business and Professions Code - BPC § 7599.32

(a) A licensee shall notify the bureau within 30 days of any change of its officers, members, or managers required to be named pursuant to Section 7593.4 or 7593.5 and of any addition of a new partner.

(b) Applications, on forms prescribed by the director, shall be submitted by all new officers, members, managers, and partners.  The director may suspend or revoke a license issued under this chapter if the director determines that the new officer, member, manager, or partner has committed any act which constitutes grounds for the denial of a license pursuant to Section 7591.10.

(c) A notice of warning may be issued for the first violation of this section and a fine of five hundred dollars ($500) for each subsequent violation.