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§6142. Suspension or revocation of registration


Published: 2015

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§6142. Suspension or revocation of registration






After notice and hearing, the administrator may suspend or revoke a registrant's registration
if the administrator finds that: [1997, c. 155, Pt. A, §2 (NEW).]








1. Grounds for denial. 
A fact or condition exists that, if it had existed at the time when the registrant
applied for its registration, would have been grounds for denying the application;


[
1997, c. 155, Pt. A, §2 (NEW)
.]








2. Inadequate net worth. 
The registrant's net worth becomes inadequate and the registrant, after 10 days'
written notice from the administrator, fails to take such steps as the administrator
determines necessary to remedy the deficiency;


[
1997, c. 155, Pt. A, §2 (NEW)
.]








3. Violation. 
The registrant knowingly violates a material provision of this subchapter or a rule
or order validly adopted by the administrator under authority of this subchapter;


[
1997, c. 155, Pt. A, §2 (NEW)
.]








4. Safety and soundness. 
The registrant is conducting its business in an unsafe or unsound manner;


[
1997, c. 155, Pt. A, §2 (NEW)
.]








5. Insolvency. 
The registrant is insolvent;


[
1997, c. 155, Pt. A, §2 (NEW)
.]








6. Failure to meet obligations. 
The registrant has suspended payment of its obligations, made an assignment for
the benefit of its creditors, or admitted in writing its inability to pay its debts
as they become due;


[
1997, c. 155, Pt. A, §2 (NEW)
.]








7. Bankruptcy. 
The registrant has applied for an adjudication of bankruptcy, reorganization, arrangement
or other relief under any bankruptcy;


[
1997, c. 155, Pt. A, §2 (NEW)
.]








8. Refusal of examination. 
The registrant refuses to permit the administrator to make an examination authorized
by this subchapter;


[
1997, c. 155, Pt. A, §2 (NEW)
.]








9. Failure to respond. 
The registrant fails to promptly and adequately respond to communications from the
administrator; or


[
1997, c. 155, Pt. A, §2 (NEW)
.]








10. Failure to report. 
The registrant willfully fails to make a report required by this subchapter.


[
1997, c. 155, Pt. A, §2 (NEW)
.]





SECTION HISTORY

1997, c. 155, §A2 (NEW).