Unable to update web application Login Enterprise 4.7.5

There is a known issue in 4.7.5 where you are unable to update / make changes to the application type of a web application from within the web interface. 

Symptoms:

Application type is empty upon editing the application:

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When changing it to a different application type, the change is not saved.

Workaround:

If you wish to change the application type you have to re-create a new web application and upload the script.