§ 26–1015. Suspension or revocation of licenses.

After notice and hearing, the Superintendent [Commissioner] may suspend or revoke a licensee’s license if the Superintendent [Commissioner] finds that:

(1) Any 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;

(2) The licensee’s net worth becomes inadequate and the licensee, after 10 days written notice from the Superintendent [Commissioner], fails to take such steps as the Superintendent [Commissioner] deems necessary to remedy such deficiency;

(3) The licensee knowingly violates any material provision of this chapter or any rule or order validly promulgated by the Superintendent [Commissioner] under authority of this chapter;

(4) The licensee is conducting its business in an unsafe or unsound manner;

(5) The licensee is insolvent;

(6) The 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;

(7) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy;

(8) The licensee refuses to permit the Superintendent [Commissioner] to make any examination authorized by this chapter;

(9) The licensee willfully fails to make any report required by this chapter; or

(10) The licensee has willfully violated any provision of the regulations set forth at 31 C.F.R. Part 103.