CFR > Title 31 - Money and Finance: Treasury > SUBTITLE B—Regulations Relating to Money and Finance > CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY (parts 200 to 391) > SUBCHAPTER A—FINANCIAL MANAGEMENT SERVICE (parts 200 to 285) > PART 223—SURETY COMPANIES DOING BUSINESS WITH THE UNITED STATES > 223.17—Revocation.

223.17—Revocation.

Whenever it appears that a company is not complying with the requirements of 6 U.S.C. 6-13 and of the regulations in this part, the Secretary of the Treasury will:
(a) In all cases notify the company of the facts or conduct which indicate such failure, and provide opportunity to the company to respond, and
(b) In those cases where the public interest in the constant financial stability of such a company allows, also provide opportunity to the company to demonstrate or achieve compliance with those requirements. The Secretary shall revoke a company's certificate of authority with advice to it if:
(1) The company does not respond satisfactorily to his notification of noncompliance, or
(2) The company, provided an opportunity to demonstrate or achieve compliance, fails to do so.

Code of Federal Regulations

[34 FR 20189, Dec. 24, 1969. Redesignated at 38 FR 22779, Aug. 24, 1973, as amended at 42 FR 8637, Feb. 11, 1977]