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Code · Louisiana · Title 6 — Banks and Banking

RS 6:1008

357 words·~2 min read·/la/title-6/6-11

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RS 6:1008
§1008. Suspension or revocation of license; hearing; surrender of license; administrative fines
A. The commissioner may suspend or revoke any license if the commissioner determines any one or more of the following has occurred:
(1)The licensee or any officer or director of a corporate licensee has violated any provision of this Chapter.
(2)The licensee or any officer or director of a corporate licensee has violated any provision of law which would indicate that the person is untrustworthy or is not qualified to operate a currency exchange, such as acts of fraud, misrepresentation, and other similar acts.
(3)The commissioner discovers facts that existed when the initial or renewal application for the license was made which would have warranted denial of the license.
(4)The licensee has failed to pay a fine assessed pursuant to this Chapter.
B.(1) A license shall not be suspended or revoked or a fine assessed until after a hearing.
(2)The commissioner shall give the licensee not less than twenty days from the mailing of written notice by certified mail, addressed to the principal place of business of the licensee, of the time and place of hearing.
(3)Any order of the commissioner suspending or revoking a license or assessing a fine shall state the grounds upon which the suspension, revocation, or fine is based and shall state an effective date for the suspension or revocation, or a date by which the fine shall be paid.
C.(1) A suspended or revoked license shall be surrendered by the licensee along with all location certificates to the commissioner in person or by first class mail within seven calendar days of the effective date of the suspension or revocation.
(2)The surrender shall not affect the licensee's civil or criminal liability for acts committed before the surrender, nor shall the surrender affect the liability on the bond required by this Chapter.
(3)The licensee shall not be entitled to a refund of license fees paid.
D. Each transaction in violation of a provision or requirement of this Chapter shall constitute a separate violation.
Acts 1999, No. 1208, §1, eff. July 9, 1999.
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