N.Y. Banking Law § 221-f: Grounds for suspension or revocation of license; procedure

§ 221-f. Grounds for suspension or revocation of license; procedure.

1. The superintendent may revoke any license issued hereunder if it

shall be found that:

(a) The licensee or its representative has violated any provision of

this article, or of any rule or regulation made by the superintendent

under and within the authority of this article or of any other law, rule

or regulation of this state.

(b) Any fact or condition exists which, if it had existed at the time

of the original application for such license, would have warranted the

superintendent in refusing originally to issue such license.

2. The superintendent may, on good cause shown, suspend any license

for a period not exceeding thirty days, pending investigation.

3. Except as provided in subdivision two of this section, no license

shall be revoked or suspended except after notice and a hearing thereon.

4. Any licensee may surrender any license by delivering to the

superintendent written notice that it thereby surrenders such license,

but such surrender shall not affect such licensee's civil or criminal

liability for acts committed prior to such surrender.

5. Every license issued hereunder shall remain in force and effect

until the same shall have been surrendered, revoked or suspended in

accordance with the provisions of this article, but the superintendent

shall have authority to reinstate a suspended license or to issue a new

license to a licensee whose license shall have been revoked if no fact

or condition then exists which would have warranted the superintendent

in refusing originally to issue such license under this article.

6. Whenever the superintendent shall revoke or suspend a license

issued pursuant to this article, a written order shall be immediately

executed in duplicate to that effect. The superintendent shall file one

copy of such order in the office of the department of financial services

and shall forthwith serve the other copy upon the licensee. Any such

order may be reviewed in the manner provided by article seventy-eight of

the civil practice law and rules. Such application for review as

authorized by this section must be made within thirty days from the date

of such order of suspension or revocation.