2023 New York Laws › BNK - Banking › Article 11-B - Sales Finance Companies › 495 - Revocation, Suspension or Surrender of Licenses.

§ 495.  Revocation,  suspension  or  surrender  of  licenses.  1.  The
superintendent may suspend or  revoke  any  license  issued  under  this
article, if he shall find that:
(a)  the  licensee,  knowingly  or without the exercise of due care to
prevent such violation, 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 of any other law regulating instalment sales agreements, or
has failed to comply with any demand, or requirement, lawfully  made  by
the superintendent under and within the authority of this article; or
(b) there has been any material misstatement or failure to give a true
reply to a question in the application for the license; or
(c) the licensee has defrauded any retail buyer to the buyer's damage;
or  wilfully  failed  to  perform  any written agreement with any retail
buyer; or
(d) 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 of financial services in refusing to  issue
such license originally.
(e) in the case of a licensee other than a natural person.
(1)  any  officer,  director, trustee, or partner of such licensee has
been guilty of any act or omission which would be cause for revoking  or
suspending a license of such party as an individual; or
(2)  any  other  agent or employee of such licensee has been guilty of
such act or omission and the licensee  has  approved  or  had  knowledge
thereof or of acts or omission of like character and after such approval
or knowledge has retained the benefit, proceeds, profit, or advantage of
such act or omission or otherwise ratified it.
2.  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 mail
addressed to the principal place of  business  in  this  state  of  such
licensee. Any order suspending or revoking such license shall recite the
grounds upon which it is based and shall not be effective until ten days
after  written  notice  thereof  has been sent by registered mail to the
licensee at such principal place of business.
3. The superintendent in his discretion may revoke or suspend only the
particular license with respect  to  which  grounds  for  revocation  or
suspension  may  occur  or  exist;  but  if  he  finds  that grounds for
revocation or suspension are of general application  to  all  places  of
business,  or  to  more  than  one  place  of business, operated by such
licensee, he shall revoke or suspend all of the licenses issued to  said
licensee  or  those  licenses  to  which  the  grounds for revocation or
suspension apply, as the case may be.
4. Any licensee  may  surrender  any  license  by  delivering  to  the
superintendent  written notice that such license is thereby surrendered,
but such surrender shall not affect the  licensee's  civil  or  criminal
liability for acts committed prior thereto.
5.  No suspension, revocation or surrender of any license shall impair
or affect the obligation  of  any  instalment  contract,  obligation  or
credit agreement lawfully acquired previously thereto by the licensee.
6.  The  superintendent  shall  establish  rules  as  to  the  form of
hearings, findings, and orders which shall  be  reasonable  and  in  the
public interest.
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.