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 banks 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  existonly  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.