NY Banking L § 559 (2021)
2021 New York Laws BNK - Banking Article 12-B - Insurance Premium Finance Agencies 559 - Grounds for Revocation of License; Procedure.

§ 559.   Grounds   for   revocation  of  license;  procedure.  1.  The superintendent may  forthwith  revoke  or  suspend  any  license  issued hereunder if he shall find that:  (a)  The  licensee has failed to pay the annual license fee or any sum of money lawfully demanded, or to comply with  any  demand,  ruling,  or requirement  of  the superintendent lawfully made pursuant to and within the authority of this article;  (b) The licensee 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 any rule or regulation lawfully made by the superintendent under  and within the authority of this article;  (c)  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  in  refusing  originally  to  issue such license.   2. The superintendent  may  revoke  or  suspend  only  the  particular license  with  respect to which grounds for revocation or suspension may occur or exist, or, if he shall find that such grounds for revocation or suspension are of general application to all offices, or  to  more  than one office, operated by such licensee, he shall revoke or suspend all of the  licenses issued to such licensee or such number of licenses as such grounds apply to, as the case may be.   3. Any licensee  may  surrender  any  license  by  delivering  to  the superintendent  written  notice that he thereby surrenders such license, but such surrender shall not affect such licensee's  civil  or  criminal liability for acts committed prior to such surrender.   4.  No  revocation  or  suspension  or  surrender of any license shall impair or affect the obligation of an insured under any  lawful  premium finance agreement previously acquired or held by the licensee.   5.  Every  license  issued  hereunder 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to reinstate suspended licenses  or  to  issue  new licenses to a licensee whose license or licenses shall have been revoked if  no  fact or condition then exists which clearly would have warranted the superintendent in refusing originally to issue  such  license  under this article.   6.  Whenever  the  superintendent  shall  revoke  or suspend a license issued  pursuant  to  this  article,  he  shall  forthwith  execute   in triplicate a written order to that effect. The superintendent shall file one  copy of such order in the office of the department, file another in the office of the clerk of the county in  which  is  located  the  place designated  in  such license and forthwith serve the third copy upon the licensee, 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.   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.