TITLE 19
Financial institutions
CHAPTER 19-14
Licensed Activities
SECTION 19-14-14
§ 19-14-14 Revocation by default.
(a) The director, or the director's designee, may revoke any license without a
hearing by default if the licensee fails to respond to notifications informing
the licensee of a failure to pay the annual license fee; maintain in effect the
required bond or bonds; or maintain net worth requirements as required by this
title.
(b) For the purposes of revocation by default, the director,
or the director's designee, shall send, in writing, to the licensee and to the
licensee's registered attorney for service of process at their current
respective addresses according to the records of the department, notice of the
deficiency and potential revocation of the license. Should the licensee or the
licensee's registered attorney fail to respond within fifteen (15) days of the
notification, the director, or the director's designee, may revoke the license
by default and without hearing. The director, or the director's designees,
shall notify the licensee of such revocation in writing.
(c) Any action taken under this section may be appealed
pursuant to the Administrative Procedures Act, chapter 35, of title 42.
History of Section.
(P.L. 1995, ch. 82, § 52; P.L. 2012, ch. 65, § 2; P.L. 2012, ch. 145,
§ 2; P.L. 2014, ch. 106, § 3; P.L. 2014, ch. 125, § 3.)
