* § 741. Grounds for revocation or suspension of license; procedure.
1. A license granted under this article may be revoked or suspended by
the superintendent upon a finding that:

(a) the licensee has violated any applicable law or regulation;

(b) 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's refusal to issue such license; or

(c) the licensee has failed to pay any sum of money lawfully demanded
by the superintendent or to comply with any demand, ruling or
requirement of the superintendent.

2. Any licensee may surrender any license by delivering to the
superintendent written notice that the licensee thereby surrenders such
license. Such surrender shall be effective upon its acceptance by the
superintendent, and shall not affect such licensee's civil or criminal
liability for acts committed prior to such surrender.

3. Every license issued under this article shall remain in force and
effect until the same shall have been surrendered, revoked or suspended,
in accordance with the provisions of this article, but the
superintendent shall have authority to reinstate suspended licenses or
to issue a new license to a licensee whose license has been revoked if
no fact or condition then exists which clearly would have warranted the
superintendent's refusal to issue such license.

4. Whenever the superintendent shall revoke or suspend a license
issued under this article, the superintendent shall forthwith execute a
written order to that effect, which order may be reviewed in the manner
provided by article seventy-eight of the civil practice law and rules.
Such special proceeding for review as authorized by this section must be
commenced within thirty days from the date of such order of suspension
or revocation.

5. The superintendent may, for good cause, without notice and a
hearing, suspend any license issued under 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 engaged in or
is likely to engage in a practice prohibited by this article or the
rules and regulations promulgated thereunder or engages in dishonest or
inequitable practices which may cause substantial harm to the public.

6. No revocation, suspension or surrender of any license shall impair
or affect any pre-existing lawful contracts between the licensee and any
borrower.

* NB Effective upon the one hundred eightieth day after the
promulgation of rules and/or regulations by the department of financial
services to effectuate certain provisions (see Ch. 58 of 2025, Part Y, §
13)