N.Y. Banking Law § 347: Grounds for revocation or suspension of license; procedure

§ 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.