§ 221-F — Grounds for suspension or revocation of license; procedure

New York § 221-F

• Jurisdiction: New York
• Law BNK: Banking
• Art. 5-B: License For a Foreign Banking Corporation to Maintain a Representative

Text

§ 221-f. Grounds for suspension or revocation of license; procedure.\n1. The superintendent may revoke any license issued hereunder if it\nshall be found that:\n (a) The licensee or its representative has violated any provision of\nthis article, or of any rule or regulation made by the superintendent\nunder and within the authority of this article or of any other law, rule\nor regulation of this state.\n (b) Any fact or condition exists which, if it had existed at the time\nof the original application for such license, would have warranted the\nsuperintendent in refusing originally to issue such license.\n 2. The superintendent may, on good cause shown, suspend any license\nfor a period not exceeding thirty days, pending investigation.\n 3. Except as provided in subdivision two of this section, no license\nshall be revoked or suspended except after notice and a hearing thereon.\n 4. Any licensee may surrender any license by delivering to the\nsuperintendent written notice that it thereby surrenders such license,\nbut such surrender shall not affect such licensee's civil or criminal\nliability for acts committed prior to such surrender.\n 5. Every license issued hereunder shall remain in force and effect\nuntil the same shall have been surrendered, revoked or suspended in\naccordance with the provisions of this article, but the superintendent\nshall have authority to reinstate a suspended license or to issue a new\nlicense to a licensee whose license shall have been revoked if no fact\nor condition then exists which would have warranted the superintendent\nin refusing originally to issue such license under this article.\n 6. Whenever the superintendent shall revoke or suspend a license\nissued pursuant to this article, a written order shall be immediately\nexecuted in duplicate to that effect. The superintendent shall file one\ncopy of such order in the office of the department of financial services\nand shall forthwith serve the other copy upon the licensee. Any such\norder may be reviewed in the manner provided by article seventy-eight of\nthe civil practice law and rules. Such application for review as\nauthorized by this section must be made within thirty days from the date\nof such order of suspension or revocation.\n