That's right; it can't. However the licensing authority that issed it can revoke it and, if you pay another $100 and reapply issue you a more restricted permit. However, that's not relevant here, since there's no "downgrading" involved. When you apply for your new LTC upon the expiration of the old one, it's exactly as if you were applying for the very first time. The only differences are, as Len pointed out, a complete set of fingerprints aren't required, and training isn't required by law (although the licensing authority can require it before it deems you to be a "suitable person").
Forget it, Jake. It's Chinatown.
Ken