(b) Extent to which agreements remain in effect. (1) Except as otherwise provided in this subdivision, any agreement entered into by the commissioner under subdivision (a) of this section shall remain in effect for the term of the agreement.

(2) The commissioner may terminate any agreement entered into by the commissioner under subdivision (a) of this section if:

(A) information which the taxpayer provided to the commissioner prior to the date such agreement was entered into was inaccurate or incomplete, or

(B) the commissioner believes that collection of any liability to which an agreement under this section relates is in jeopardy.

(3) If the commissioner finds that the financial condition of a taxpayer with whom the commissioner has entered into an agreement under subdivision (a) of this section has significantly changed, the commissioner may alter, modify, or terminate such agreement.

(4) The commissioner may alter, modify, or terminate an agreement entered into by the commissioner under subdivision (a) of this section in the case of the failure of the taxpayer:

(A) to pay any installment at the time such installment is due under such agreement,

(B) to pay any other tax liability at the time such liability is due, or

(C) to provide a financial condition update as requested by the commissioner.

(5) The commissioner may not take any action under paragraph two, three or four of this subdivision unless:

(A) a notice of such action is provided to the taxpayer not later than thirty days prior to such action, and

(B) such notice includes an explanation why the commissioner intends to take such action. The preceding sentence shall not apply in any case in which the commissioner believes that collection of any tax to which an agreement under this section relates is in jeopardy.

(c) Nothing in this section should be construed to prevent a taxpayer from prepaying in whole or in part any outstanding liability under any agreement the taxpayer enters into with the commissioner.