What happens if the corporation does not submit a new qualifying agent's name in time?

If a corporation does not submit the name of a new qualifying agent in a timely manner, it may lose its license. The role of a qualifying agent is critical because they are responsible for ensuring compliance with state regulations and laws governing the security industry.

When a qualifying agent leaves the company, it's essential that the corporation promptly submits a new qualifying agent's name to maintain its licensing status. Failing to do so can result in the authority determining that the corporation is out of compliance with licensing requirements, which may lead to suspending or revoking the license. This emphasizes the importance of timely updates and adherence to regulations to ensure that the corporation remains operational and compliant with the Ohio Private Security Industry Governing Authority.

The other options do not accurately reflect the consequences of not submitting a new qualifying agent's name. There can potentially be fines associated with certain compliance issues, but that is not the primary consequence. The idea that the license could remain valid indefinitely is incorrect, as licenses are contingent on meeting regulatory requirements, including maintaining an appointed qualifying agent.