2023 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licenses to a licensee whose license or licenses shall have been revoked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.