§ 642. Action by superintendent. 1. Upon the filing of an application,
and the payment of the fees for investigation and license, the
superintendent shall investigate the financial condition and
responsibility, financial and business experience, character and general
fitness of the applicant and, if the superintendent finds these
qualities are such as to warrant the belief that the applicant's
business will be conducted honestly, fairly, equitably, carefully and
efficiently within the purposes and intent of this article, and in a
manner commanding the confidence and trust of the community, the
superintendent shall advise the applicant in writing of his conditional
approval of the application, and thereafter upon compliance by the
applicant with the provisions of section six hundred forty-three of this
article, shall issue to the applicant a license to engage in the
business of selling and issuing checks, and of receiving money for
transmission and transmitting the same, subject to the provisions of
this article; or the superintendent may deny the application and return
the license fee to the applicant.

2. The superintendent shall approve conditionally or deny every
application for a license hereunder within ninety days from the filing
thereof. Such period of ninety days may be extended, by the written
consent of the applicant, for such additional reasonable period of time
as may be required to enable compliance with such requirements and
conditions as may be provided by this article and the rules or
regulations of the superintendent issued thereunder.

3. A license issued pursuant to this article shall remain in full
force and effect until it is surrendered by the licensee or revoked or
suspended as provided in this article.

4. The superintendent may suspend or revoke a license on any ground on
which he might refuse to issue an original license, or for a violation
of any provision of this chapter or any regulation issued under this
article, or for failure of the licensee to pay a judgment, recovered in
any court, within or without this state, by a claimant or creditor in an
action arising out of the licensee's business in this state of selling
or issuing checks or of receiving money for transmission or transmitting
the same, within thirty days after the judgment becomes final or within
thirty days after expiration or termination of a stay of execution
thereon; provided, however, that if execution on the judgment be stayed,
by court order or operation of law or otherwise, then proceedings to
suspend or revoke the license (for failure of the licensee to pay such
judgment) may not be commenced by the superintendent during the time of
such stay, and for thirty days thereafter.

5. 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 or
certified mail addressed to the principal place of business of such
licensee. Any order of the superintendent suspending or revoking such
license shall state the grounds upon which it is based and shall not be
effective until ten days after written notice thereof has been sent by
registered or certified mail to the licensee at such principal place of
business, except that revocation by reason of the licensee's bond not
being kept in full force and effect as required by this article, or by
reason of failure to keep on deposit sufficient securities or funds as
required by this article, may take effect immediately if the
superintendent so orders.

6. 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.