Upon the death of an individual licensed under this act, the business with which the decedent was connected may be carried on for a period of 90 days by the following: (a) In the case of an individual licensee, the surviving spouse, or if there be none, the executor or administrator of the estate of the decedent; (b) In the case of a partner, the surviving partners; (c) In the case of an officer of a firm, company, association, organization, or corporation, the officers thereof. Within 10 days following the death of a licensee, the department shall be notified in writing. The notification shall state the name of the person legally authorized to carry on the business of the deceased.

     Upon the authorization of the department, the business may be carried on for a further period of time when necessary to complete any business commitments pending at the death of the decedent.

     Nothing in this section shall be construed to restrict the sale of an alarm system business or a private security guard agency, if the vendee qualifies for a license under the provisions of this act.