§ 642. Action by superintendent.
1.Upon the filing of an application,\nand the payment of the fees for investigation and license, the\nsuperintendent shall investigate the financial condition and\nresponsibility, financial and business experience, character and general\nfitness of the applicant and, if the superintendent finds these\nqualities are such as to warrant the belief that the applicant's\nbusiness will be conducted honestly, fairly, equitably, carefully and\nefficiently within the purposes and intent of this article, and in a\nmanner commanding the confidence and trust of the community, the\nsuperintendent shall advise the applicant in writing of his conditional\napproval of the application, and thereafter upon compliance by the\napplicant with the provisions of section six hu
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§ 642. Action by superintendent. 1. Upon the filing of an application,\nand the payment of the fees for investigation and license, the\nsuperintendent shall investigate the financial condition and\nresponsibility, financial and business experience, character and general\nfitness of the applicant and, if the superintendent finds these\nqualities are such as to warrant the belief that the applicant's\nbusiness will be conducted honestly, fairly, equitably, carefully and\nefficiently within the purposes and intent of this article, and in a\nmanner commanding the confidence and trust of the community, the\nsuperintendent shall advise the applicant in writing of his conditional\napproval of the application, and thereafter upon compliance by the\napplicant with the provisions of section six hundred forty-three of this\narticle, shall issue to the applicant a license to engage in the\nbusiness of selling and issuing checks, and of receiving money for\ntransmission and transmitting the same, subject to the provisions of\nthis article; or the superintendent may deny the application and return\nthe license fee to the applicant.\n 2. The superintendent shall approve conditionally or deny every\napplication for a license hereunder within ninety days from the filing\nthereof. Such period of ninety days may be extended, by the written\nconsent of the applicant, for such additional reasonable period of time\nas may be required to enable compliance with such requirements and\nconditions as may be provided by this article and the rules or\nregulations of the superintendent issued thereunder.\n 3. A license issued pursuant to this article shall remain in full\nforce and effect until it is surrendered by the licensee or revoked or\nsuspended as provided in this article.\n 4. The superintendent may suspend or revoke a license on any ground on\nwhich he might refuse to issue an original license, or for a violation\nof any provision of this chapter or any regulation issued under this\narticle, or for failure of the licensee to pay a judgment, recovered in\nany court, within or without this state, by a claimant or creditor in an\naction arising out of the licensee's business in this state of selling\nor issuing checks or of receiving money for transmission or transmitting\nthe same, within thirty days after the judgment becomes final or within\nthirty days after expiration or termination of a stay of execution\nthereon; provided, however, that if execution on the judgment be stayed,\nby court order or operation of law or otherwise, then proceedings to\nsuspend or revoke the license (for failure of the licensee to pay such\njudgment) may not be commenced by the superintendent during the time of\nsuch stay, and for thirty days thereafter.\n 5. No license shall be suspended or revoked except after a hearing\nthereon. The superintendent shall give the licensee at least ten days'\nwritten notice of the time and place of such hearing by registered or\ncertified mail addressed to the principal place of business of such\nlicensee. Any order of the superintendent suspending or revoking such\nlicense shall state the grounds upon which it is based and shall not be\neffective until ten days after written notice thereof has been sent by\nregistered or certified mail to the licensee at such principal place of\nbusiness, except that revocation by reason of the licensee's bond not\nbeing kept in full force and effect as required by this article, or by\nreason of failure to keep on deposit sufficient securities or funds as\nrequired by this article, may take effect immediately if the\nsuperintendent so orders.\n 6. The superintendent may, on good cause shown, or where there is a\nsubstantial risk of public harm, suspend any license issued pursuant to\nthis article for a period not exceeding thirty days, pending\ninvestigation. "Good cause", as used in this subdivision, shall exist\nonly when the licensee has defaulted or is likely to default in\nperforming its financial engagements or engages in dishonest or\ninequitable practices which may cause substantial harm to the persons\nafforded the protection of this article.\n