State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-171

§53‑171.  Revocation, suspension or surrender of license.

(a)        If the Commissionershall find, after due notice and hearing, or opportunity for hearing, that anysuch licensee, or an officer, agent, employee, or representative thereof hasviolated any of the provisions of this Article, or has failed to comply withthe rules, regulations, instructions or orders promulgated by the Commissionpursuant to the powers and duties prescribed therein, or has failed or refusedto make its reports to the Commissioner, or has  failed to pay the fees for itsexamination and supervision, or has furnished false information to theCommissioner or the Commission, the Commissioner may issue an order revoking orsuspending the right of such licensee and such officer, agent, employee orrepresentative to do business in North Carolina as a licensee, and upon receiptof such an order from the Commissioner, the licensee shall immediatelysurrender his license to the Commissioner. Within five days after the entry ofsuch an order the Commissioner shall place on file his findings of fact andmail or otherwise deliver a copy to the licensee. Any licensee who fails tomake any loans during any period of 90 consecutive days after being licensedshall surrender his license to the Commissioner.

(b)        Any licensee maysurrender any license by delivering it to the  Commissioner with written noticeof its surrender, but such surrender  shall not affect his civil or criminalliability for acts committed prior thereto.

(c)        No revocation,suspension or surrender of any license shall impair or affect the obligation ofany preexisting lawful contract between the licensee and any obligor.

(d)        The Commissioner,in his discretion, may reinstate suspended licenses or issue new licenses to aperson whose license or licenses have been revoked, or surrendered if and whenhe determines no fact or condition exists which clearly would have justifiedthe Commissioner in refusing originally to issue such license under thisArticle. (1955, c. 1279; 1961, c. 1053, s. 1.)