6-982

6-982. 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 the licensee or any person acting under the license 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 of breach of trust or
dishonesty.

5. Has had a final judgment entered against the licensee in a civil action upon
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 the
person to be licensed or to control or manage a licensee.

6. Has had an order entered against the 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 a 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 similar offense or
offenses, and a certified copy of the indictment or information is filed with the
superintendent, the superintendent may suspend the license issued to the licensee or deny
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 to suspend
or revoke the license if an officer, director, member, partner, trustee, employee, while
acting in the course of the commercial 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 to suspend or revoke a license of the party as an
individual. If a licensee is a natural person, it is sufficient cause to suspend or
revoke the license if an employee of the person, while acting as an employee, has acted
or failed to act in the course of the commercial mortgage banker business of the licensee
in the same manner as would be cause to suspend or revoke a license of the party as an
owner.