State Codes and Statutes

Statutes > New-york > Bnk > Article-9 > 347

§ 347. Grounds for revocation or suspension of license; procedure. The  superintendent may suspend or revoke any license issued hereunder if the  superintendent shall find that:    (a)  The licensee has failed to pay any sum of money lawfully demanded  by  the  superintendent  or  to  comply  with  any  demand,  ruling,  or  requirement of the superintendent;    (b)  The licensee has violated any provisions of this article, the act  of  congress  entitled  "Truth  in  Lending  Act"  and  the  regulations  thereunder,  as  such  act  and  regulations  may  from  time to time be  amended,  or  of  any  rule  or  regulation   lawfully   made   by   the  superintendent;    (c)  Any fact or condition exists which, if it had existed at the time  of the  original  application  for  such  license,  clearly  would  have  warranted  the  superintendent  in  refusing  originally  to  issue such  license;    (d) The licensee has engaged  in  the  business  of  a  sales  finance  company  and has done or failed to do any act, except the failure to pay  the fees  required,  which  would  be  grounds  for  the  suspension  or  revocation  of  its license pursuant to section four hundred ninety-five  of this chapter were it required to obtain such a license.    The superintendent may on good cause shown, without notice or hearing,  suspend any license for a period  not  exceeding  thirty  days,  pending  investigation.    The  superintendent  may revoke or suspend only the particular license  with respect to which grounds for revocation or suspension may occur  or  exist,  or,  if  the  superintendent  shall  find  that such grounds for  revocation or suspension are of general application to all  offices,  or  to  more  than one office, operated by such licensee, the superintendent  shall revoke or suspend all of the licenses issued to such  licensee  or  such number of licenses as such grounds apply to, as the case may be.    Any   licensee   may  surrender  any  license  by  delivering  to  the  superintendent written notice that the licensee thereby surrenders  such  license,  but  such  surrender shall not affect such licensee's civil or  criminal liability for acts committed prior to such surrender.    No revocation or suspension or surrender of any license  shall  impair  or affect the obligation of any pre-existing lawful contract between the  licensee and any borrower.    Every  license issued hereunder shall remain in force and effect until  it shall have been surrendered, revoked, or suspended in accordance with  the provisions of  this  article,  but  the  superintendent  shall  have  authority  to reinstate suspended licenses or to issue new licenses to a  licensee whose license or licenses shall have been revoked if no fact or  condition  then  exists  which  clearly   would   have   warranted   the  superintendent  in  refusing originally to issue such license under this  article.    Whenever the superintendent shall revoke or suspend a  license  issued  pursuant  to  this  article,  the superintendent shall execute a written  order to that effect. The superintendent shall file  one  copy  of  such  order  in  the  office  of  the  department  and  serve  a copy upon the  licensee, which order may be reviewed in the manner provided by  article  seventy-eight  of  the  civil  practice  law  and  rules.  Such  special  proceeding for review as authorized by this section  must  be  commenced  within  thirty  days  from  the  date  of  such  order  of suspension or  revocation.

State Codes and Statutes

Statutes > New-york > Bnk > Article-9 > 347

§ 347. Grounds for revocation or suspension of license; procedure. The  superintendent may suspend or revoke any license issued hereunder if the  superintendent shall find that:    (a)  The licensee has failed to pay any sum of money lawfully demanded  by  the  superintendent  or  to  comply  with  any  demand,  ruling,  or  requirement of the superintendent;    (b)  The licensee has violated any provisions of this article, the act  of  congress  entitled  "Truth  in  Lending  Act"  and  the  regulations  thereunder,  as  such  act  and  regulations  may  from  time to time be  amended,  or  of  any  rule  or  regulation   lawfully   made   by   the  superintendent;    (c)  Any fact or condition exists which, if it had existed at the time  of the  original  application  for  such  license,  clearly  would  have  warranted  the  superintendent  in  refusing  originally  to  issue such  license;    (d) The licensee has engaged  in  the  business  of  a  sales  finance  company  and has done or failed to do any act, except the failure to pay  the fees  required,  which  would  be  grounds  for  the  suspension  or  revocation  of  its license pursuant to section four hundred ninety-five  of this chapter were it required to obtain such a license.    The superintendent may on good cause shown, without notice or hearing,  suspend any license for a period  not  exceeding  thirty  days,  pending  investigation.    The  superintendent  may revoke or suspend only the particular license  with respect to which grounds for revocation or suspension may occur  or  exist,  or,  if  the  superintendent  shall  find  that such grounds for  revocation or suspension are of general application to all  offices,  or  to  more  than one office, operated by such licensee, the superintendent  shall revoke or suspend all of the licenses issued to such  licensee  or  such number of licenses as such grounds apply to, as the case may be.    Any   licensee   may  surrender  any  license  by  delivering  to  the  superintendent written notice that the licensee thereby surrenders  such  license,  but  such  surrender shall not affect such licensee's civil or  criminal liability for acts committed prior to such surrender.    No revocation or suspension or surrender of any license  shall  impair  or affect the obligation of any pre-existing lawful contract between the  licensee and any borrower.    Every  license issued hereunder shall remain in force and effect until  it shall have been surrendered, revoked, or suspended in accordance with  the provisions of  this  article,  but  the  superintendent  shall  have  authority  to reinstate suspended licenses or to issue new licenses to a  licensee whose license or licenses shall have been revoked if no fact or  condition  then  exists  which  clearly   would   have   warranted   the  superintendent  in  refusing originally to issue such license under this  article.    Whenever the superintendent shall revoke or suspend a  license  issued  pursuant  to  this  article,  the superintendent shall execute a written  order to that effect. The superintendent shall file  one  copy  of  such  order  in  the  office  of  the  department  and  serve  a copy upon the  licensee, which order may be reviewed in the manner provided by  article  seventy-eight  of  the  civil  practice  law  and  rules.  Such  special  proceeding for review as authorized by this section  must  be  commenced  within  thirty  days  from  the  date  of  such  order  of suspension or  revocation.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Bnk > Article-9 > 347

§ 347. Grounds for revocation or suspension of license; procedure. The  superintendent may suspend or revoke any license issued hereunder if the  superintendent shall find that:    (a)  The licensee has failed to pay any sum of money lawfully demanded  by  the  superintendent  or  to  comply  with  any  demand,  ruling,  or  requirement of the superintendent;    (b)  The licensee has violated any provisions of this article, the act  of  congress  entitled  "Truth  in  Lending  Act"  and  the  regulations  thereunder,  as  such  act  and  regulations  may  from  time to time be  amended,  or  of  any  rule  or  regulation   lawfully   made   by   the  superintendent;    (c)  Any fact or condition exists which, if it had existed at the time  of the  original  application  for  such  license,  clearly  would  have  warranted  the  superintendent  in  refusing  originally  to  issue such  license;    (d) The licensee has engaged  in  the  business  of  a  sales  finance  company  and has done or failed to do any act, except the failure to pay  the fees  required,  which  would  be  grounds  for  the  suspension  or  revocation  of  its license pursuant to section four hundred ninety-five  of this chapter were it required to obtain such a license.    The superintendent may on good cause shown, without notice or hearing,  suspend any license for a period  not  exceeding  thirty  days,  pending  investigation.    The  superintendent  may revoke or suspend only the particular license  with respect to which grounds for revocation or suspension may occur  or  exist,  or,  if  the  superintendent  shall  find  that such grounds for  revocation or suspension are of general application to all  offices,  or  to  more  than one office, operated by such licensee, the superintendent  shall revoke or suspend all of the licenses issued to such  licensee  or  such number of licenses as such grounds apply to, as the case may be.    Any   licensee   may  surrender  any  license  by  delivering  to  the  superintendent written notice that the licensee thereby surrenders  such  license,  but  such  surrender shall not affect such licensee's civil or  criminal liability for acts committed prior to such surrender.    No revocation or suspension or surrender of any license  shall  impair  or affect the obligation of any pre-existing lawful contract between the  licensee and any borrower.    Every  license issued hereunder shall remain in force and effect until  it shall have been surrendered, revoked, or suspended in accordance with  the provisions of  this  article,  but  the  superintendent  shall  have  authority  to reinstate suspended licenses or to issue new licenses to a  licensee whose license or licenses shall have been revoked if no fact or  condition  then  exists  which  clearly   would   have   warranted   the  superintendent  in  refusing originally to issue such license under this  article.    Whenever the superintendent shall revoke or suspend a  license  issued  pursuant  to  this  article,  the superintendent shall execute a written  order to that effect. The superintendent shall file  one  copy  of  such  order  in  the  office  of  the  department  and  serve  a copy upon the  licensee, which order may be reviewed in the manner provided by  article  seventy-eight  of  the  civil  practice  law  and  rules.  Such  special  proceeding for review as authorized by this section  must  be  commenced  within  thirty  days  from  the  date  of  such  order  of suspension or  revocation.