Section 51A-17-35 - [Repealed Effective 7/1/2024] Suspension or revocation of licenseThe director may suspend or revoke a licensee's license if the director finds that: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 such application;(2) The licensee's net worth becomes inadequate and the licensee, after ten days written notice from the director, fails to take such steps as the director deems necessary to remedy such deficiency;(3) The licensee violates any material provision of this chapter or any rule or order promulgated by the director under authority of this chapter;(4) The licensee is convicted of a violation of a state or federal anti-money laundering statute or is subject to an enforcement action for a violation of a state or federal anti-money laundering statute;(5) The licensee is conducting its business in an unsafe or unsound manner;(6) The licensee is insolvent;(7) 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;(8) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy;(9) The licensee refuses to permit the director to make any examination authorized by this chapter;(10) The licensee fails to make any report required by this chapter; or(11) The competence, experience, character, or general fitness of the licensee indicates that it is not in the public interest to permit the licensee to conduct its business.Repealed by S.L. 2024, ch. TBD,s. 120, eff. 7/1/2024.