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This entry was published on 2014-09-22
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Revocation, suspension or surrender of licenses
§ 495. Revocation, suspension or surrender of licenses. 1. The
superintendent may suspend or revoke any license issued under this
article, if he shall find that:

(a) the licensee, knowingly or without the exercise of due care to
prevent such violation, has violated any provision of this article, the
act of congress entitled "Truth in Lending Act" and the regulations
thereunder, as such act and regulations may from time to time be
amended, or of any other law regulating instalment sales agreements, or
has failed to comply with any demand, or requirement, lawfully made by
the superintendent under and within the authority of this article; or

(b) there has been any material misstatement or failure to give a true
reply to a question in the application for the license; or

(c) the licensee has defrauded any retail buyer to the buyer's damage;
or wilfully failed to perform any written agreement with any retail
buyer; or

(d) Any fact or condition exists which, if it had existed at the time
of the original application for such license, clearly would have
warranted the superintendent of financial services in refusing to issue
such license originally.

(e) in the case of a licensee other than a natural person.

(1) any officer, director, trustee, or partner of such licensee has
been guilty of any act or omission which would be cause for revoking or
suspending a license of such party as an individual; or

(2) any other agent or employee of such licensee has been guilty of
such act or omission and the licensee has approved or had knowledge
thereof or of acts or omission of like character and after such approval
or knowledge has retained the benefit, proceeds, profit, or advantage of
such act or omission or otherwise ratified it.

2. No license shall be suspended or revoked except after a hearing
thereon. The superintendent shall give the licensee at least ten days'
written notice of the time and place of such hearing by registered mail
addressed to the principal place of business in this state of such
licensee. Any order suspending or revoking such license shall recite the
grounds upon which it is based and shall not be effective until ten days
after written notice thereof has been sent by registered mail to the
licensee at such principal place of business.

3. The superintendent in his discretion may revoke or suspend only the
particular license with respect to which grounds for revocation or
suspension may occur or exist; but if he finds that grounds for
revocation or suspension are of general application to all places of
business, or to more than one place of business, operated by such
licensee, he shall revoke or suspend all of the licenses issued to said
licensee or those licenses to which the grounds for revocation or
suspension apply, as the case may be.

4. Any licensee may surrender any license by delivering to the
superintendent written notice that such license is thereby surrendered,
but such surrender shall not affect the licensee's civil or criminal
liability for acts committed prior thereto.

5. No suspension, revocation or surrender of any license shall impair
or affect the obligation of any instalment contract, obligation or
credit agreement lawfully acquired previously thereto by the licensee.

6. The superintendent shall establish rules as to the form of
hearings, findings, and orders which shall be reasonable and in the
public interest.

7. The superintendent may, on good cause shown, or where there is a
substantial risk of public harm, suspend any license issued pursuant to
this article for a period not exceeding thirty days, pending
investigation. "Good cause", as used in this subdivision, shall exist
only when the licensee has defaulted or is likely to default in
performing its financial engagements or engages in dishonest or
inequitable practices which may cause substantial harm to the persons
afforded the protection of this article.