TITLE 19
Financial institutions

CHAPTER 19-14
Licensed Activities

SECTION 19-14-14


§ 19-14-14 Revocation by default.

(a) The director, or the director's designee, may revoke any license without a hearing by default if the licensee fails to respond to notifications informing the licensee of a failure to pay the annual license fee; maintain in effect the required bond or bonds; or maintain net worth requirements as required by this title.

(b) For the purposes of revocation by default, the director, or the director's designee, shall send, in writing, to the licensee and to the licensee's registered attorney for service of process at their current respective addresses according to the records of the department, notice of the deficiency and potential revocation of the license. Should the licensee or the licensee's registered attorney fail to respond within fifteen (15) days of the notification, the director, or the director's designee, may revoke the license by default and without hearing. The director, or the director's designees, shall notify the licensee of such revocation in writing.

(c) Any action taken under this section may be appealed pursuant to the Administrative Procedures Act, chapter 35, of title 42.

History of Section.
(P.L. 1995, ch. 82, § 52; P.L. 2012, ch. 65, § 2; P.L. 2012, ch. 145, § 2; P.L. 2014, ch. 106, § 3; P.L. 2014, ch. 125, § 3.)