§ 6.2-1907. (Effective October 1, 2010) Investigations; license revocation.
A. The Commissioner may make such investigations as he deems necessary todetermine if the applicant has complied with all applicable provisions of lawand regulations adopted thereunder.
B. The Commission may revoke a license issued under this chapter:
1. If it reasonably determines that (i) a licensee is engaging in one or moreunsafe or unsound practices, (ii) a licensee may be unable to perform itsobligations, or (iii) a licensee has willfully failed without reasonablecause to pay or provide for the payment of any of its obligations; or
2. Upon any of the following grounds:
a. Any ground for denial of a license under this chapter;
b. Any violation of the provisions of this chapter or regulations adopted bythe Commission pursuant thereto, or a violation of any other law orregulation applicable to the conduct of the licensee's business;
c. Conviction of a felony or misdemeanor involving fraud, misrepresentation,or deceit;
d. Entry of a judgment against such licensee involving fraud,misrepresentation, or deceit;
e. Entry of a federal or state administrative order against such licensee forviolation of any law or any regulation applicable to the conduct of hisbusiness;
f. Refusal to permit an investigation or examination by the Commission;
g. Failure to pay any fee or assessment imposed by this chapter; or
h. Failure to comply with any order of the Commission.
(1974, c. 578, § 6.1-374; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009, c.346; 2010, c. 794.)
§ 6.2-1907. (Effective October 1, 2010) Investigations; license revocation.
A. The Commissioner may make such investigations as he deems necessary todetermine if the applicant has complied with all applicable provisions of lawand regulations adopted thereunder.
B. The Commission may revoke a license issued under this chapter:
1. If it reasonably determines that (i) a licensee is engaging in one or moreunsafe or unsound practices, (ii) a licensee may be unable to perform itsobligations, or (iii) a licensee has willfully failed without reasonablecause to pay or provide for the payment of any of its obligations; or
2. Upon any of the following grounds:
a. Any ground for denial of a license under this chapter;
b. Any violation of the provisions of this chapter or regulations adopted bythe Commission pursuant thereto, or a violation of any other law orregulation applicable to the conduct of the licensee's business;
c. Conviction of a felony or misdemeanor involving fraud, misrepresentation,or deceit;
d. Entry of a judgment against such licensee involving fraud,misrepresentation, or deceit;
e. Entry of a federal or state administrative order against such licensee forviolation of any law or any regulation applicable to the conduct of hisbusiness;
f. Refusal to permit an investigation or examination by the Commission;
g. Failure to pay any fee or assessment imposed by this chapter; or
h. Failure to comply with any order of the Commission.
(1974, c. 578, § 6.1-374; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009, c.346; 2010, c. 794.)
§ 6.2-1907. (Effective October 1, 2010) Investigations; license revocation.
A. The Commissioner may make such investigations as he deems necessary todetermine if the applicant has complied with all applicable provisions of lawand regulations adopted thereunder.
B. The Commission may revoke a license issued under this chapter:
1. If it reasonably determines that (i) a licensee is engaging in one or moreunsafe or unsound practices, (ii) a licensee may be unable to perform itsobligations, or (iii) a licensee has willfully failed without reasonablecause to pay or provide for the payment of any of its obligations; or
2. Upon any of the following grounds:
a. Any ground for denial of a license under this chapter;
b. Any violation of the provisions of this chapter or regulations adopted bythe Commission pursuant thereto, or a violation of any other law orregulation applicable to the conduct of the licensee's business;
c. Conviction of a felony or misdemeanor involving fraud, misrepresentation,or deceit;
d. Entry of a judgment against such licensee involving fraud,misrepresentation, or deceit;
e. Entry of a federal or state administrative order against such licensee forviolation of any law or any regulation applicable to the conduct of hisbusiness;
f. Refusal to permit an investigation or examination by the Commission;
g. Failure to pay any fee or assessment imposed by this chapter; or
h. Failure to comply with any order of the Commission.
(1974, c. 578, § 6.1-374; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009, c.346; 2010, c. 794.)
