§ 5-5.1-15 - Grounds for suspension and revocation of licenses.
SECTION 5-5.1-15
§ 5-5.1-15 Grounds for suspension andrevocation of licenses. – The attorney general may suspend or revoke any license issued under thischapter in the manner subsequently prescribed if the licensee or any of itspartners, officers, generals, and shareholders owning a ten percent (10%) orgreater interest in the license, provided the licensee is not a publicly tradedcorporation, and the qualifying agent does any of the following:
(1) Violates any provisions of this chapter or rules andregulations promulgated under this chapter;
(2) Practices fraud, deceit or misrepresentation;
(3) Makes a material misstatement in the application for orrenewal of the license;
(4) In the case of the qualifying agent, commits any actwhich would disqualify the qualifying agent under § 5-5.1-8 and in thecase of the licensee, or any of its partners, officers, generals andshareholders owning a ten percent (10%) or greater interest in the licensee,provided the licensee is not a publicly traded corporation, fails to meet thequalifications of § 5-5.1-8.
(5) Demonstrates incompetence or untrustworthiness in actionsaffecting the conduct of the business required to be licensed under thischapter.
(6) Prior to suspension or revocation of a license, theattorney general promptly notifies the licensee of his or her intent to issuean order for revocation or suspension, stating the grounds for revocation orsuspension. Within fifteen (15) days of receipt of notice of intent to revokeor suspend from the attorney general, the licensee may request a hearing inwriting.
(7) If a request for a hearing is received in a timelymanner, the attorney general shall set a date for a hearing and notify theparties of the time and place of the meeting.
(8) All hearings are held in accordance with the provisionsof chapter 35 of title 42.
(9) After the licensee has exhausted the right of appeal or,if the licensee does not seek a hearing, the licensee shall immediately ceaseto operate the business for the time period provided in the order of suspensionor permanently in the case of revocation and shall notify all of its clients ofthe revocation or suspension and maintain a copy of the notices in its businessrecords.
(10) Under circumstances in which the attorney generaldetermines that the public health, welfare, or safety may be jeopardized by thetermination of a licensee's services, the attorney general may, upon his or herown motion or upon application by the licensee or any party affected by thetermination, extend the time for the termination of the licensee's operations,subject to any reasonable, necessary and proper conditions or restrictions thathe or she deems appropriate.