{"data":{"id":"us-nj/n.j.-stat.-17-15c-16","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:15C-16","heading":"Suspension, revocation of license.","body":"16.\tAfter notice and hearing pursuant to the \"Administrative Procedure Act,\" P.L.1968, c.410 (C.52:14B-1 et seq.), the commissioner may suspend or revoke a licensee's license if the commissioner finds that:\na.\tThe licensee has made a material misstatement or suppressed or withheld information on the application for a license or any document required to be filed with the commissioner;\nb.\tAny fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application;\nc.\tThe licensee's net worth has become inadequate and the licensee, after 10 days' written notice from the commissioner, fails to take the steps the commissioner deems necessary to remedy the deficiency;\nd.\tThe licensee knowingly violates any material provision of this act or any rule or order validly promulgated by the commissioner under authority of this act;\ne.\tThe licensee is conducting its business in an unsafe or unsound manner;\nf.\tThe licensee is insolvent; for the purposes of this section, a licensee shall be insolvent if: (1) the aggregate of its property at a fair valuation, exclusive of any property which it may have conveyed, transferred, concealed, removed or permitted to be concealed or removed, with intent to defraud, hinder or delay its creditors, is not sufficient in amount to pay its debts; or (2) the licensee is unable, by its available assets or the honest use of credit, to pay its debts as they become due;\ng.\tThe licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;\nh.\tThe licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy;\ni.\tThe licensee refuses to permit the commissioner to make any examination or investigation authorized by this act;\nj.\tThe licensee willfully fails to make any report required by this act;\nk.\tThe licensee has willfully violated any provision of 31 C.F.R. s.103.11 et seq.; or\nl.\tThe licensee has willfully violated any provision of P.L.1994, c.121 (C.2C:21-23 et seq.).\nL.1998,c.14,s.16.","path":["TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE \t\t\tAND INSURANCE"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"5c37dbeef776e1c9e89fc9cb5767a51e2952e21f8e95d52f0a9c79af8cad1158","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-15c-15","next":"us-nj/n.j.-stat.-17-15c-17"},"notice":"GroundRules: Original legal text. Not legal advice."}