§ 105-449.76. Reasons why the Secretary can cancel a license.
§105‑449.76. Reasons why the Secretary can cancel a license.
The Secretary may cancel alicense issued under this Article upon the written request of the licenseholder. The Secretary may summarily cancel the license of a license holderwhen the Secretary finds that the license holder is incurring liability for thetax imposed under this Article after failing to pay a tax when due under thisArticle. In addition, the Secretary may cancel the license of a license holderthat commits one or more of the acts listed in G.S. 105‑449.120 afterholding a hearing on whether the license should be cancelled.
The Secretary must send aperson whose license is summarily cancelled a notice of the cancellation andmust give the person an opportunity to have a hearing on the cancellationwithin 10 days after the cancellation. The Secretary must give a person whoselicense may be cancelled after a hearing at least 10 days' written notice ofthe date, time, and place of the hearing. A notice of a summary license cancellationand a notice of hearing must be sent by registered mail to the last knownaddress of the license holder.
When the Secretary cancels alicense and the license holder has paid all taxes and penalties due under thisArticle, the Secretary must take one of the following actions concerning a bondor an irrevocable letter of credit filed by the license holder:
(1) Return anirrevocable letter of credit to the license holder.
(2) Return a bond to thelicense holder or notify the person liable on the bond and the license holderthat the person is released from liability on the bond. (1995,c. 390, s. 3.)