(a) The commissioner may suspend, revoke or refuse to renew any license issued under section 36a-847, or take any other action, in accordance with section 36a-51, if the commissioner finds that (1) the licensee or any control person, qualified individual, branch manager, trustee, employee or agent of the licensee has violated any provision of this title or any regulation or order adopted or issued pursuant thereto pertaining to such person, or any other law or regulation applicable to the conduct of such licensee's student loan servicing business, or (2) any fact or condition exists which, if it had existed at the time of the original application for the license, clearly would have warranted a denial of such license.

(b) Whenever it appears to the commissioner that any (1) person has violated, is violating or is about to violate any of the provisions of sections 36a-846 to 36a-854, inclusive, or any regulation adopted pursuant to said sections, (2) person is, was or would be a cause of the violation of any such provision or regulation due to an act or omission such person knew or should have known would contribute to such violation, or (3) any licensee or any control person, qualified individual, branch manager, trustee, employee or agent of such licensee has committed any fraud, engaged in dishonest activities or made any misrepresentation, the commissioner may take action against such person or licensee in accordance with sections 36a-50 and 36a-52.

(c) The commissioner may order a licensee to remove any individual conducting business under sections 36a-846 to 36a-854, inclusive, from office and from employment or retention as an independent contractor in the student loan servicer business in this state in accordance with section 36a-51a.

(d) The commissioner may issue a temporary order to cease business under a license if the commissioner determines that such license was issued erroneously. Such temporary order shall be issued in accordance with subsection (j) of section 36a-24b.

(P.A. 15-162, S. 8; P.A. 18-173, S. 88.)

History: P.A. 15-162 effective July 1, 2016; P.A. 18-173 amended Subsec. (a) by replacing reference to Sec. 36a-847(c) with reference to Sec. 36a-847, adding reference to control person, qualified individual, branch manager, trustee, employee or agent of licensee, replacing “any provision of sections 36a-846 to 36a-854, inclusive, or any regulation or order lawfully made pursuant to and within the authority of said sections” with “any provision of this title or any regulation or order adopted or issued pursuant thereto pertaining to such person, or any other law or regulation applicable to the conduct of such licensee's student loan servicing business” in Subdiv. (1), and deleting provision re abatement of license fee in Subdiv. (2), amended Subsec. (b) by designating existing provision re violation of sections or regulation as Subdiv. (1), adding Subdiv. (2) re person is, was or would be cause of violation of provision of section or regulation, designating existing provision re fraud, dishonest activities or misrepresentation as Subdiv. (3) and amending same by replacing owner, director, officer, member, partner, shareholder” with “control person, qualified individual, branch manager”, added Subsec. (c) re commissioner's authority to order licensee to remove individual from office, employment or retention as independent contractor, and added Subsec. (d) re temporary order.