(1)The department may issue to a person
licensed to:
(a)make consumer loans; or
(b)engage in consumer credit sales that are mortgage
transactions;
an order to show cause why the license should not be revoked or
suspended for a period determined by the department.
(2)An order issued under subsection (1) must:
(a)include:
(i)a statement of the place, date, and time for a meeting with
the department, which date may not be less than ten (10) days
from the date of the order;
(ii)a description of the action contemplated by the department;
and
(iii)a statement of the facts or conduct supporting the issuance
of the order; and
(b)be accompanied by a notice stating that the licensee is entitled
to:
(i)a reasonable opportunity to be heard; and
(ii)show the licensee's compliance with all la
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(1) The department may issue to a person
licensed to:
(a) make consumer loans; or
(b) engage in consumer credit sales that are mortgage
transactions;
an order to show cause why the license should not be revoked or
suspended for a period determined by the department.
(2) An order issued under subsection (1) must:
(a) include:
(i) a statement of the place, date, and time for a meeting with
the department, which date may not be less than ten (10) days
from the date of the order;
(ii) a description of the action contemplated by the department;
and
(iii) a statement of the facts or conduct supporting the issuance
of the order; and
(b) be accompanied by a notice stating that the licensee is entitled
to:
(i) a reasonable opportunity to be heard; and
(ii) show the licensee's compliance with all lawful requirements
for retention of the license;
at the meeting described in subdivision (a)(i).
(3) After the meeting described in subsection (2)(a)(i), the
department may revoke or suspend the license if the department finds
that:
(a) the licensee has repeatedly and willfully violated:
(i) this article or any applicable rule, order, or guidance
document adopted or issued by the department; or
(ii) any other state or federal laws, rules, or regulations
applicable to consumer credit transactions;
(b) the licensee does not meet the licensing qualifications under
section 503 of this chapter;
(c) the licensee obtained the license for the benefit of, or on
behalf of, a person who does not qualify for the license;
(d) the licensee knowingly or intentionally made material
misrepresentations to, or concealed material information from, the
department; or
(e) facts or conditions exist that, had they existed at the time the
licensee applied for the license, would have been grounds for the
department to deny the issuance of the license.
(4) Whenever the department revokes or suspends a license, the
department shall enter an order to that effect and forthwith notify the
licensee of:
(a) the revocation or suspension;
(b) if a suspension has been ordered, the duration of the
suspension;
(c) the procedure for appealing the revocation or suspension
under IC 4-21.5-3-6; and
(d) any other terms and conditions that apply to the revocation or
suspension.
Not later than five (5) days after the entry of the order the department
shall deliver to the licensee a copy of the order and the findings
supporting the order.
(5) Any person holding a license to make consumer loans may
relinquish the license by notifying the department in writing of its
relinquishment, but this relinquishment does not affect the person's
liability for acts previously committed and coming within the scope of
this article.
(6) If the director determines it is in the public interest, the director
may pursue revocation of a license of a licensee that has relinquished
the license under subsection (5).
(7) If a person's license is revoked, suspended, or relinquished, the
revocation, suspension, or relinquishment does not impair or affect any
obligation owed by any person under any preexisting lawful contract.
(8) If the director has just cause to believe an emergency exists from
which it is necessary to protect the interests of the public, the director
may proceed with the revocation of a license through an emergency or
another temporary order under IC 4-21.5-4.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by
P.L.14-1992, SEC.34; P.L.176-1996, SEC.9; P.L.80-1998, SEC.8;
P.L.213-2007, SEC.11; P.L.217-2007, SEC.10; P.L.90-2008, SEC.10;
P.L.35-2010, SEC.59; P.L.27-2012, SEC.22; P.L.186-2015,
SEC.18.