6-1404. Denial, suspension or revocation of licenses and branch office permits

A. The superintendent may deny a license to a person or suspend or revoke a license if the superintendent finds that an applicant or licensee:

1. Is insolvent as defined in section 47-1201.

2. Has shown that he is not a person of honesty, truthfulness and good character.

3. Refuses to permit an examination by the superintendent of the licensee's books and affairs or refuses or fails, within a reasonable time, to furnish any information or make any report that may be required by the superintendent.

4. Has been convicted in any state of a felony or any crime of breach of trust or dishonesty.

5. Has had a final judgment entered against him in a civil action on grounds of fraud, deceit or misrepresentation and the conduct on which the judgment is based indicates that it would be contrary to the interest of the public to permit that person to be licensed or to control or manage a licensee.

6. Has had an order entered against him involving fraud, deceit or misrepresentation by any administrative agency of this state, the federal government or any other state or territory of the United States and that the facts relating to the order indicate that it would be contrary to the interest of the public to permit that person to be licensed or to control or manage a licensee.

7. Has violated any applicable law, rule or order.

8. Has failed to pay the license or annual renewal fees.

9. Has failed to file an annual report when due or within any extension of time that the superintendent, for good cause, may have granted.

10. Fails to have or maintain at least twenty-five thousand dollars in liquid assets available for use in the conduct of the business.

B. If any person to whom a license is issued or who has applied for a license is indicted or informed against for forgery, embezzlement, obtaining money under false pretenses, extortion, criminal conspiracy to defraud, or a like offense or offenses, and a certified copy of the indictment or information or other proper evidence of that indictment or information is filed with the superintendent, the superintendent may suspend the license issued to the licensee or refuse to grant a license to an applicant pending trial on the indictment or information.

C. It is sufficient cause for the suspension or revocation of the license if an owner, officer, director, member, partner, trustee or employee, while acting in the course of the premium finance business, or a person who is entitled to vote more than twenty per cent of the outstanding voting shares of the licensed corporation or a person who has a controlling interest in a licensed limited liability company, partnership, association or trust has acted or failed to act in the same manner as would be cause for suspending or revoking a license of the person to whom the license was issued.

D. The superintendent may deny a branch office permit to a person or suspend or revoke a branch office permit for the same reasons sufficient under this section for denial, suspension or revocation of a license.