§ 5-5-10. Grounds for suspension and revocation of licenses.
(a) A license may be suspended or revoked if the licensee:
(1) Violates any provisions of this chapter or rules and regulations promulgated under this chapter;
(2) Practices fraud, deceit or misrepresentation;
(3) Makes a material misstatement in the application for or renewal of the license;
(4) Commits any act that would disqualify the qualifying agent.
(b) After the licensee has exhausted the right of appeal or, if the licensee does not seek a hearing, the licensee shall immediately cease to operate the business for the time period provided in the order of suspension or permanently in the case of revocation and shall notify all of its clients of the revocation or suspension and maintain a copy of the notices in its business records.
(c) Under circumstances in which the local licensing authority determines that the public health, welfare, or safety may be jeopardized by the termination of a licensee's services, that local licensing authority may, upon his or her own motion or upon application by the licensee or any party affected by the termination, extend the time for the termination of the licensee's operations, subject to any reasonable, necessary and proper conditions or restrictions that he or she deems appropriate.
(P.L. 1987, ch. 479, § 2.)