If a nonconforming advertising sign, display, or device is located on premises leased or owned for the purpose of conducting a business or on commercial or industrial premises leased for the purpose of sign erection, such sign, display, or device shall be required to conform to existing codes and regulations, when such sign, display, or device is changed or altered as a result of either transfer of ownership of the premises or business or a change in the type of business or use of the premises. Such sign, display, or device may be allowed to remain as a nonconforming use subject to applicable normal nonreplacement and nonalteration standards as determined by the state, a state agency, or political subdivision of the state.