44-283. Denial, suspension or revocation of licenses

A. The administrator may deny a license applied for under this chapter or suspend or revoke a license issued under this chapter on any of the following grounds:

1. Material misstatement in the application for a license.

2. A violation, either knowingly or without the exercise of due care to prevent the violation, of this chapter or of any rule or order adopted or issued pursuant to this chapter.

3. Defrauding any retail buyer to the buyer's damage.

4. Fraudulent misrepresentation, circumvention or concealment by the licensee through whatever subterfuge or device of any of the material particulars or the nature thereof required to be stated or furnished to the retail buyer under this article.

5. Conviction in any state of a felony or a misdemeanor involving breach of trust or dishonesty.

6. Having a judgment or order entered against the licensee or applicant by an administrative agency of this or any other state or by the federal government in which one of the bases of the judgment or order is fraud, deceit or misrepresentation, if the conduct was engaged in directly by the licensee or applicant or was authorized, solicited, commanded or knowingly permitted by the directors or senior management of the licensee or applicant.

B. If a licensee is a firm, association or corporation, it is sufficient cause for the suspension or revocation of a license that any officer, director or trustee of a licensed firm, association or corporation, or any member of a licensed partnership, has so acted or failed to act as would be cause for suspending or revoking a license to such party as an individual. Each licensee is responsible for the acts of any or all of the licensee's employees while acting as the licensee's agent, if the licensee after actual knowledge of the acts retained the benefits, proceeds, profits or advantages accruing from the acts or otherwise ratified the acts.

C. Hearings on the denial, suspension or revocation of a license shall be conducted pursuant to title 41, chapter 6, article 10. No revocation, suspension or surrender of any license shall impair or affect the obligation of any lawful retail installment contract acquired by the licensee before the revocation, suspension or surrender of the license.