6-945

6-945. Denial, suspension or revocation of
licenses

A. The superintendent may deny a license to a person or suspend or revoke a
license if the superintendent finds that an applicant or licensee:

1. Is insolvent as defined in section 47-1201.

2. Has shown that he is not a person of honesty, truthfulness and good character.

3. Refuses to permit an examination by the superintendent of the licensee's books
and affairs or refuses or fails, within a reasonable time, to furnish any information or
make any report that may be required by the superintendent.

4. Has been convicted in any state of a felony or any crime involving breach of
trust or dishonesty.

5. Has had a final judgment entered against the applicant or licensee in a civil
action on grounds of fraud, deceit or misrepresentation and the conduct on which the
judgment is based indicates that it would be contrary to the interest of the public to
permit such person to be licensed or to control or manage a licensee.

6. Has had an order entered against the applicant or licensee involving fraud,
deceit or misrepresentation by any administrative agency of this state, the federal
government or any other state or territory of the United States and that the facts
relating to the order indicate that it would be contrary to the interest of the public to
permit the person to be licensed or to control or manage a licensee.

7. Has violated any applicable law, rule or order.

B. If any person to whom a license is issued or who has applied for a license under
this article is indicted or informed against for forgery, embezzlement, obtaining money
under false pretenses, extortion, criminal conspiracy to defraud, or a like offense or
offenses, and a certified copy of the indictment or information or other proper evidence
of such indictment or information is filed with the superintendent, the superintendent
may suspend the license issued to the licensee or refuse to grant a license to an
applicant pending trial on the indictment or information.

C. If a licensee is other than a natural person, it is sufficient cause for the
denial, suspension or revocation of the license if an officer, director, member, partner,
trustee, employee, while acting in the course of the mortgage banker business, or person
entitled to vote more than twenty per cent of the outstanding voting shares of the
licensed corporation, partnership, association or trust has acted or failed to act in the
same manner as would be cause for suspending or revoking a license of the party as an
individual. If a licensee is a natural person, it is sufficient cause for the suspension
or revocation of the license if an employee of the person has acted or failed to act in
the course of the mortgage banker business of the licensee in the same manner as would be
cause for suspending or revoking a license of the party as an owner.

D. The superintendent shall grant or deny a license within one hundred twenty days
after receipt of the completed application and fees.