[§489D-24]  Suspension or revocation
of licenses.  The commissioner may suspend or revoke a license if the
commissioner finds that:



(1)  Any fact or condition exists that, if it had
existed at the time when the licensee applied for its license, would have been
grounds for denying the licensee's application;



(2)  The licensee's net worth becomes inadequate and
the licensee, after ten days written notice from the commissioner, fails to
take steps as the commissioner deems necessary to remedy a deficiency;



(3)  The licensee knowingly violates any material
provision of this chapter or any rule or order validly adopted by the
commissioner under authority of this chapter;



(4)  The licensee is conducting its business in an
unsafe or unsound manner;



(5)  The licensee is insolvent;



(6)  The licensee has suspended payment of its
obligations, has made an assignment for the benefit of its creditors, or has
admitted, in writing, its inability to pay its debts as they become due;



(7)  The licensee has filed for bankruptcy,
reorganization, arrangement, or other relief under any bankruptcy law;



(8)  The licensee refuses to permit the commissioner
to make any examination authorized by this chapter; or



(9)  The competence, experience, character, or general
fitness of the licensee indicates that it is not in the public interest to
allow the licensee to have a license. [L 2006, c 153, pt of §1]