A licensed retailer or licensed vending machine operator may not assign the license. If a licensed subwholesaler or licensed wholesaler sells the licensee’s cigarette business and pays to the Executive Director a license assignment fee of $10, the licensee may assign the license to the buyer of the business. If the cigarette business of a licensee is transferred because of bankruptcy, death, incompetency, receivership, or otherwise by operation of law, the Executive Director shall transfer the license without charge to the new owner of the licensee’s business. If a licensed subwholesaler or licensed wholesaler surrenders the license to the Executive Director and if no disciplinary proceedings are pending against the licensee, the Executive Director shall refund a pro rata part of the license fee for the unexpired term of the license. A licensed retailer or licensed vending machine operator is not allowed a refund for the unexpired term of the license.