6-1258. Denial, revocation or suspension of license

A. The superintendent may deny a license to a person or suspend or revoke a license if the superintendent finds that an applicant or licensee:

1. Has failed to pay the annual renewal fees.

2. Has failed to file the annual financial statement as prescribed in this chapter.

3. Is insolvent as defined in section 47-1201.

4. Is not a person of honesty, truthfulness or good character.

5. Has violated this chapter or any other applicable law, rule or order.

6. Has been convicted in any jurisdiction of any felony or other crime that involved breach of trust or dishonesty.

7. Has had an order entered against the applicant or licensee by an administrative agency of any jurisdiction and the order is based on conduct that involves fraud, deceit or misrepresentation by the applicant or licensee and is entered after notice and an opportunity to be heard.

8. Has made a material misstatement or omission on the application for a license or on any document required to be filed with the superintendent.

9. Has had a financial judgment ordered against the applicant or licensee in a civil action based on fraud, deceit or misrepresentation.

10. Has failed to take reasonable measures to ensure that an agreement to defer presentment is not breached.

11. Has engaged in any act or practice that would violate section 32-1051, paragraph 4, 6, 7 or 8 if engaged in by a third party acting on behalf of the applicant or licensee.

B. It is sufficient cause for the denial, suspension or revocation of a license if an officer, director, partner, employee or controlling person of the licensee has acted or failed to act in a manner that if the licensee acted or failed to act in that manner would be cause for denial, suspension or revocation of the license. For purposes of this subsection, " controlling person" means a person who owns more than twenty-five per cent equity interest in the deferred presentment company or who has the ability to affect one or more significant business decisions of the licensee or applicant.

C. The superintendent may deny renewal of a license or suspend or revoke a license if the superintendent finds that any fact or condition exists that, if it had existed at the time of the original application for the license, would have warranted the superintendent to refuse to issue the license.