((a)) ** .—** The Secretary of Transportation shall specify the period for which a license issued or transferred under this chapter is in effect.

((b)) ** .—**

((1)) On the initiative of the Secretary or on application of the licensee, the Secretary may modify a license issued or transferred under this chapter if the Secretary decides the modification will comply with this chapter.

((2)) The Secretary shall modify a license issued or transferred under this chapter whenever a modification is needed for the license to be in conformity with a regulation that was issued pursuant to section 50905(c) after the issuance of the license. This paragraph shall not apply to permits.

((c)) ** .—** The Secretary may suspend or revoke a license if the Secretary decides that—

((1)) the licensee has not complied substantially with a requirement of this chapter or a regulation prescribed under this chapter; or

((2)) the suspension or revocation is necessary to protect the public health and safety, the safety of property, or a national security or foreign policy interest of the United States.

((d)) ** .—**

((1)) The Secretary may suspend a license when a previous launch or reentry under the license has resulted in a serious or fatal injury (as defined in 49 CFR 830, as in effect on ) to any human being and the Secretary has determined that continued operations under the license are likely to cause additional serious or fatal injury (as defined in 49 CFR 830, as in effect on ) to any human being.

((2)) Any suspension imposed under this subsection shall be for as brief a period as possible and, in any event, shall cease when the Secretary—

((A)) has determined that the licensee has taken sufficient steps to reduce the likelihood of a recurrence of the serious or fatal injury; or

((B)) has modified the license pursuant to subsection (b) to sufficiently reduce the likelihood of a recurrence of the serious or fatal injury.

((3)) This subsection shall not apply to permits.

((e)) ** .—** Unless the Secretary specifies otherwise, a modification, suspension, or revocation under this section takes effect immediately and remains in effect during a review under .

((f)) ** .—** The Secretary shall notify the licensee in writing of the decision of the Secretary under this section and any action the Secretary takes or proposes to take based on the decision.