§ 2413. License revocation or suspension.
363 words·~2 min read·
/de/title-5/chapter-24-mortgage-loan-originators/2413·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The Commissioner may revoke, suspend, condition, or refuse to renew any license, or publicly reprimand a licensee under this chapter upon finding that the licensee:
(1)Has violated or failed to comply with any provision of this chapter; any rule, regulation, order, or supervisory letter promulgated by the Commissioner under the authority of this title; or any other law, rule or regulation of this State or the federal government;
(2)Has failed at any time to meet the requirements of § 2406 or § 2409 of this title; or
(3)Has withheld information or made a material misstatement in an initial or renewal application for a license.
(b)Whenever the Commissioner determines to take any action under this section, the Commissioner shall issue a written order that shall include a statement of the facts upon which the action is based and a notice that the licensee may request a hearing in accordance with Chapter 101 of Title 29.
(1)Except as provided in paragraph (c)(2) of this section, an order under this section shall not become effective less than 10 days after its mailing date.
(2)The Commissioner may issue an order under this section which shall become effective immediately upon issuance whenever in the opinion of the Commissioner, the public health, safety or welfare clearly requires emergency action and the Commissioner’s order so states.
(1)Upon its issuance, the Commissioner shall send a copy of the order to the licensee at that person’s last known mailing address by certified mail, return receipt requested.
(2)If the licensee sends the Commissioner a written request for a hearing within 10 days of the order’s mailing date, the Commissioner shall then hold a hearing in accordance with Chapter 101 of Title 29, and except as provided in paragraph (c)(2) of this section, the order then shall not become effective until the conclusion of the hearing.
(3)At the conclusion of the hearing, the Commissioner may affirm the order as originally issued, or modify, amend or rescind the order.
(e)No action taken under this section shall impair or affect the obligation of any preexisting lawful contract between any licensee and any person.