§ 40-14-635 — Revocation or suspension of license

(a) The administrator may issue to a person licensed under
this act an order to show cause why his license should not be
revoked or suspended for a period not in excess of six (6)
months. The order shall state the place for a hearing and set a
time for the hearing that is no less than ten (10) days from the
date of the order. After the hearing the administrator shall
revoke or suspend the license if he finds that:
(i) The licensee has repeatedly and willfully
violated this act or any rule or order lawfully made pursuant to
this act; or
(ii) Facts or conditions exist which would clearly
have justified the administrator in refusing to grant a license
had these facts or conditions been known to exist at the time
the application for the license was made.
(b) No revocation or suspension of a license is lawful
unless prior to institution of proceedings by the administrator
notice is given to the licensee of the facts or conduct which
warrant the intended action, and the licensee is given an
opportunity to show compliance with all lawful requirements for
retention of the license.
(c) If the administrator finds that probable cause for
revocation of a license exists and that enforcement of this act
requires immediate suspension of a license pending
investigation, he may, after a hearing upon five (5) days
written notice, enter an order suspending the license for not
more than thirty (30) days.
(d) Whenever the administrator revokes or suspends a
license, he shall enter an order to that effect and forthwith
notify the licensee of the revocation or suspension. Within five
(5) days after the entry of the order he shall deliver to the
licensee a copy of the order and the findings supporting the
order.
(e) Any person holding a license under this act may
relinquish the license by notifying the administrator in writing
of its relinquishment, but this relinquishment shall not affect
his liability for acts previously committed.
(f) No revocation, suspension or relinquishment of a
license shall impair or affect the obligation of any preexisting
lawful contract between the licensee and any consumer.
(g) The administrator may reinstate a license, terminate a
suspension or grant a new license to a person whose license has
been revoked or suspended if no fact or condition then exists
which clearly would have justified the administrator in refusing
to grant a license.
(h) For purposes of this section, "licensee" shall also
mean a licensed mortgage loan originator pursuant to W.S.