Revocation or Suspension of License

(1)The Administrator may issue to a person licensed to make regulated loans an order to show cause why his license should not be revoked or suspended for a period not in excess of six

(6)months. The order shall state the place for a hearing and set a time for the hearing that is no less than ten

(10)days from the date of the order. After the hearing the Administrator shall revoke or suspend the license if he finds that:

(a)the licensee has repeatedly and willfully violated this Act or any regulation or order lawfully made pursuant to this Act; or

(b)facts or conditions exist which would clearly have justified the Administrator in refusing to grant a license had these facts or conditions been known to exist at the time the application for the license was made.

(2)No revocation or suspension of a license is lawful unless prior to institution of proceedings by the Administrator notice is given to the licensee of the facts or conduct which warrant the intended action, and the licensee is given an opportunity to show compliance with all lawful requirements for retention of the license.

(3)If the Administrator finds that probable cause for revocation of a COL120106 CH. 3 LOANS license exists and that enforcement of this Act requires immediate suspension of the license pending investigation, he may, after a hearing upon five

(5)days' written notice, enter an order suspending the license for not more than thirty

(30)days.

(4)Whenever the Administrator revokes or suspends a license, he shall enter an order to that effect and forthwith notify the licensee of the revocation or suspension. Within five

(5)days after the entry of the order he shall deliver to the licensee a copy of the order and the findings supporting the order.

(5)Any person holding a license to made regulated loans may relinquish the license by notifying the Administrator in writing of its relinquishment, but this relinquishment shall not affect his liability for acts previously committed.

(6)No revocation, suspension or relinquishment of a license shall impair or affect the obligation of any pre-existing lawful contract between the licensee and any debtor.

(7)The Administrator may reinstate a license, terminate a suspension or grant a new license to a person whose license has been revoked or suspended if no fact or condition then exists which clearly would have justified the Administrator in refusing to grant a license.