§ 347 — Grounds for revocation or suspension of license; procedure

New York § 347

• Jurisdiction: New York
• Law BNK: Banking
• Art. 9: Licensed Lenders

Text

§ 347. Grounds for revocation or suspension of license; procedure. The\nsuperintendent may suspend or revoke any license issued hereunder if the\nsuperintendent shall find that:\n (a) The licensee has failed to pay any sum of money lawfully demanded\nby the superintendent or to comply with any demand, ruling, or\nrequirement of the superintendent;\n (b) The licensee has violated any provisions of this article, the act\nof congress entitled "Truth in Lending Act" and the regulations\nthereunder, as such act and regulations may from time to time be\namended, or of any rule or regulation lawfully made by the\nsuperintendent;\n (c) Any fact or condition exists which, if it had existed at the time\nof the original application for such license, clearly would have\nwarranted the superintendent in refusing originally to issue such\nlicense;\n (d) The licensee has engaged in the business of a sales finance\ncompany and has done or failed to do any act, except the failure to pay\nthe fees required, which would be grounds for the suspension or\nrevocation of its license pursuant to section four hundred ninety-five\nof this chapter were it required to obtain such a license.\n The superintendent may on good cause shown, without notice or hearing,\nsuspend any license for a period not exceeding thirty days, pending\ninvestigation.\n The superintendent may revoke or suspend only the particular license\nwith respect to which grounds for revocation or suspension may occur or\nexist, or, if the superintendent shall find that such grounds for\nrevocation or suspension are of general application to all offices, or\nto more than one office, operated by such licensee, the superintendent\nshall revoke or suspend all of the licenses issued to such licensee or\nsuch number of licenses as such grounds apply to, as the case may be.\n Any licensee may surrender any license by delivering to the\nsuperintendent written notice that the licensee thereby surrenders such\nlicense, but such surrender shall not affect such licensee's civil or\ncriminal liability for acts committed prior to such surrender.\n No revocation or suspension or surrender of any license shall impair\nor affect the obligation of any pre-existing lawful contract between the\nlicensee and any borrower.\n Every license issued hereunder shall remain in force and effect until\nit shall have been surrendered, revoked, or suspended in accordance with\nthe provisions of this article, but the superintendent shall have\nauthority to reinstate suspended licenses or to issue new licenses to a\nlicensee whose license or licenses shall have been revoked if no fact or\ncondition then exists which clearly would have warranted the\nsuperintendent in refusing originally to issue such license under this\narticle.\n Whenever the superintendent shall revoke or suspend a license issued\npursuant to this article, the superintendent shall execute a written\norder to that effect. The superintendent shall file one copy of such\norder in the office of the department and serve a copy upon the\nlicensee, which order may be reviewed in the manner provided by article\nseventy-eight of the civil practice law and rules. Such special\nproceeding for review as authorized by this section must be commenced\nwithin thirty days from the date of such order of suspension or\nrevocation.\n