Section 2530 - Grounds for denying, suspending, revoking or refusing to renew(a) Reasons.--The department may deny, suspend, revoke or refuse to renew a license if the applicant or one of its owners, officers, directors, principals, employees or agents did any of the following: (1) Made a material misstatement in the license application or a submission required under this act or by the department.(2) Failed to comply with or violated a provision of this act or a regulation, order or statement of policy issued by the department under this act.(3) Engaged in unfair or unethical conduct in connection with the debt settlement services business in this Commonwealth.(4) Does not possess the financial responsibility, character, reputation, integrity and general fitness sufficient to warrant the belief that the debt settlement services business will be conducted lawfully, honestly and in the public interest.(5) Has been convicted of or pleaded guilty or nolo contendere to a crime of moral turpitude or to an offense graded as a felony.(6) Is currently enjoined by a court of competent jurisdiction from engaging in the business of debt settlement services in this Commonwealth.(7) Has had a license issued by the department or another state denied, not renewed, suspended or revoked.(8) Has become the subject of a United States Postal Service fraud order.(9) Has an outstanding debt to the Commonwealth or a Commonwealth agency.(10) Has failed to maintain the bond required under section 305.(b)Definitions.--As used in this section the following words and phrases shall have the meanings given to them in this subsection: "Insolvent." As follows:
(1) The liabilities of the applicant or licensee exceed the assets of the applicant or licensee.(2) The applicant or licensee cannot meet the obligations of the applicant or licensee as they mature or is in a financial condition that the applicant or licensee cannot continue in business in a safe manner to the customers of the applicant or licensee.Added by P.L. 1022 2014 No. 118, § 310, eff. 11/1/2014.