Except as provided in subsection (b) of this section, a license issued under this subtitle may not be: transferred or assigned to another person; or pledged as collateral. A licensee may not sell or otherwise transfer more than 5% of the legal or beneficial interests of the licensee unless: the licensee notifies the Commission of the proposed sale or transfer; the Commission determines that the proposed buyer or transferee meets the requirements of this subtitle; and the transfer is consistent with the policies and intent of § 9–1A–18 of this subtitle. Unless the Commission needs a longer time to determine whether the proposed buyer or transferee meets the requirements of this subtitle, if the requirements of paragraph (1) of this subsection are not satisfied, a license issued under this subtitle is automatically revoked 90 days after the sale or transfer.