Section 626.4 - License suspension, revocation and denial(a) Suspension, revocation and denial.--The commissioner may refuse to issue, suspend, revoke or refuse to renew the license of a viatical settlement provider or viatical settlement broker if the commissioner finds that: (1) there was any material misrepresentation in the application for the license;(2) the licensee or any officer, partner, member or key management personnel has been adjudged guilty of fraudulent or dishonest practices, is subject to a final administrative action or is shown to be untrustworthy, incompetent or otherwise unworthy of licensure by the department;(3) the viatical settlement provider demonstrates a pattern of unreasonable payments to viators;(4) the licensee has been found guilty of or has pleaded guilty or nolo contendere to any felony or to a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;(5) the viatical settlement provider has entered into any viatical settlement contract the form of which has not been approved pursuant to this act;(6) the viatical settlement provider has failed to honor contractual obligations set out in a viatical settlement contract;(7) the licensee no longer meets the requirements for initial licensure;(8) the viatical settlement provider has assigned, transferred or pledged a viaticated policy to a person other than a viatical settlement provider licensed in this Commonwealth or a financing entity, special purpose entity, stop-loss provider, viatical settlement purchaser or related provider trust;(9) the licensee has effectuated the viatication of a life insurance policy that the licensee knew or reasonably should have known was procured through fraudulent means;(10) the licensee has violated any provision of this act or any regulations promulgated by the department; or(11) the licensee's viatical settlement provider, viatical settlement broker or other license related to the sale or effectuation of viatical settlement policies, insurance or securities has been revoked or suspended in this or another state.(b) Hearing.--An applicant who disputes the department's determination concerning licensure may seek a formal administrative hearing before the commissioner under 2 Pa.C.S. Ch. 5 Subch. A (relating to practice and procedure of Commonwealth agencies).2002, July 4, P.L. 699, No. 107, § 4, effective in 180 days.