§ 56-37-105 — Revocation or suspension of license

(a) The commissioner may revoke or suspend the license of any premium finance company when after investigation the commissioner finds that: (1) The license issued to the company was obtained by fraud; (2) There was any misrepresentation in the application for the license; (3) The holder of the license has otherwise proven untrustworthy or incompetent to act as a premium finance company; or (4) The company has violated any of the provisions of this chapter. (b) Before the commissioner revokes, suspends or refuses to renew the license of any premium finance company, the aggrieved person shall be entitled to a hearing in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In lieu of revoking or suspending the license for any of the causes enumerated in this section, after hearing as herein provided, the commissioner may subject the company to a penalty of not more than two hundred dollars ($200) for each offense when the commissioner finds that the public interest would not be harmed by the continued operation of the company. The amount of the penalty shall be paid by the company to the commissioner. (c) If the commissioner refuses to issue to any person a license as a premium finance company, or revokes, suspends or refuses to renew the license of any premium finance company, or imposes a penalty on the company, after a hearing as provided under subsection (b), the applicant or licensee may appeal from the refusal to issue a license or from the adjudication in accordance with the Uniform Administrative Procedures Act.

Legislative History

Acts 1980, ch. 920, § 5.