38.2-1865.3 - Refusal to issue and revocation of license; hearing; new application.
§ 38.2-1865.3. Refusal to issue and revocation of license; hearing; newapplication.
A. If the Commission is of the opinion that any applicant for a viaticalsettlement broker's license is not of good character or does not have a goodreputation for honesty, it may refuse to issue the license, subject to theright of the applicant to demand a hearing on the application. The Commissionshall not revoke or suspend an existing license until the licensee is givenan opportunity to be heard before the Commission. If the Commission refusesto issue a new license or proposes to revoke or suspend an existing license,it shall give the applicant or licensee at least ten calendar days' notice inwriting of the time and place of the hearing, if a hearing is requested. Thenotice shall contain a statement of the objections to the issuance of thelicense, or the reason for its proposed revocation or suspension as the casemay be. The notice may be given to the applicant or licensee by registered orcertified mail, sent to the last known address of record pursuant to §38.2-1865.5, the last known business address if the address of record isincorrect, or in any other lawful manner the Commission prescribes. TheCommission may summon witnesses to testify with respect to the applicant orlicensee, and the applicant or licensee may introduce evidence in his or itsbehalf. No applicant to whom a license is refused after a hearing, nor anylicensee whose license is revoked, shall again apply for a license until theexpiration of a period of five years from the date of the Commission's order,or such other period of time as the Commission prescribes in its order.
B. The license of a business entity may be suspended, revoked or refused ifthe Commission finds, after notice and an opportunity to be heard, that aviolation by an individual licensee acting at the direction of, on behalf of,or with the permission of the business entity was known to be a violation byone or more of the partners, officers or managers acting on behalf of thebusiness entity, and the violation was neither reported to the Commission norcorrective action taken.
C. In addition to or in lieu of any applicable denial, suspension orrevocation of a license, a person may, after notice and an opportunity to beheard, be subject to a penalty pursuant to § 38.2-218.
D. The Commission shall retain the authority to enforce the provisions of andimpose any penalty or remedy authorized by this title against any person whois under investigation for or charged with a violation of this title, even ifthe person's license or registration has been surrendered, terminated,suspended, revoked, or has lapsed by operation of law.
(2001, c. 706.)