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

* § 741. Grounds for revocation or suspension of license; procedure.\n1. A license granted under this article may be revoked or suspended by\nthe superintendent upon a finding that:\n (a) the licensee has violated any applicable law or regulation;\n (b) 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's refusal to issue such license; or\n (c) 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 2. Any licensee may surrender any license by delivering to the\nsuperintendent written notice that the licensee thereby surrenders such\nlicense. Such surrender shall be effective upon its acceptance by the\nsuperintendent, and shall not affect such licensee's civil or criminal\nliability for acts committed prior to such surrender.\n 3. Every license issued under this article shall remain in force and\neffect until the same shall have been surrendered, revoked or suspended,\nin accordance with the provisions of this article, but the\nsuperintendent shall have authority to reinstate suspended licenses or\nto issue a new license to a licensee whose license has been revoked if\nno fact or condition then exists which clearly would have warranted the\nsuperintendent's refusal to issue such license.\n 4. Whenever the superintendent shall revoke or suspend a license\nissued under this article, the superintendent shall forthwith execute a\nwritten order to that effect, which order may be reviewed in the manner\nprovided by article seventy-eight of the civil practice law and rules.\nSuch special proceeding for review as authorized by this section must be\ncommenced within thirty days from the date of such order of suspension\nor revocation.\n 5. The superintendent may, for good cause, without notice and a\nhearing, suspend any license issued under this article for a period not\nexceeding thirty days, pending investigation. "Good cause," as used in\nthis subdivision, shall exist only when the licensee has engaged in or\nis likely to engage in a practice prohibited by this article or the\nrules and regulations promulgated thereunder or engages in dishonest or\ninequitable practices which may cause substantial harm to the public.\n 6. No revocation, suspension or surrender of any license shall impair\nor affect any pre-existing lawful contracts between the licensee and any\nborrower.\n * NB Effective upon the one hundred eightieth day after the\npromulgation of rules and/or regulations by the department of financial\nservices to effectuate certain provisions (see Ch. 58 of 2025, Part Y, §\n13)\n