2023 New York Laws › BNK - Banking › Article 9 - Licensed Lenders › 347 - Grounds for Revocation or Suspension of License; Procedure.

§ 347. Grounds for revocation or suspension of license; procedure. The
superintendent may suspend or revoke any license issued hereunder if the
superintendent shall find that:
(a)  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;
(b)  The licensee has violated any provisions 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  rule  or  regulation   lawfully   made   by   the
superintendent;
(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;
(d) The licensee has engaged  in  the  business  of  a  sales  finance
company  and has done or failed to do any act, except the failure to pay
the fees  required,  which  would  be  grounds  for  the  suspension  or
revocation  of  its license pursuant to section four hundred ninety-five
of this chapter were it required to obtain such a license.
The superintendent may on good cause shown, without notice or hearing,
suspend any license for a period  not  exceeding  thirty  days,  pending
investigation.
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  the  superintendent  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, the superintendent
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.
Any   licensee   may  surrender  any  license  by  delivering  to  the
superintendent written notice that the licensee thereby surrenders  such
license,  but  such  surrender shall not affect such licensee's civil or
criminal liability for acts committed prior to such surrender.
No revocation or suspension or surrender of any license  shall  impair
or affect the obligation of any pre-existing lawful contract between the
licensee and any borrower.
Every  license issued hereunder shall remain in force and effect until
it 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.
Whenever the superintendent shall revoke or suspend a  license  issued
pursuant  to  this  article,  the superintendent shall execute a written
order to that effect. The superintendent shall file  one  copy  of  such
order  in  the  office  of  the  department  and  serve  a 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.