50-1008. Denial, suspension or revocation of registration; orders and hearing. - Kansas Statutes

50-1008

Chapter 50.--UNFAIR TRADE AND CONSUMER PROTECTION Article 10.--LOAN BROKERS

      50-1008.   Denial, suspension or revocation of registration; orders andhearing.(a) The commissioner may deny, suspend or revoke theregistration of a loan broker if the loan broker:

      (1)   Fails to maintain the bond required under K.S.A. 50-1003;

      (2)   is insolvent;

      (3)   has violated any provision of this act;

      (4)   has filed with the commissioner any document or statement containingany false representation of a material fact or omitting to state a materialfact; or

      (5)   has been convicted, within 10 years before the date of theapplication, renewal or review, of any crime involving fraud or deceit.

      (b)   The commissioner may not enter a final order denying, suspending orrevoking the registration of a loan broker without prior notice to allinterested parties, opportunity for a hearing and written findings of factand conclusions of law. The commissioner may by summary order deny, suspendor revoke a registration pending final determination of any proceedingunder this section. Upon the entry of a summary order, the commissionershall promptly notify all interested parties that it has been entered, ofthe reasons for the summary order and, that upon receipt by thecommissioner of a written request from a party, the matter will be set forhearing which shall be conducted in accordance with the provisions of theKansas administrative procedure act. If no hearing is requested and none isordered by the commissioner, the order remains in effect until it ismodified or vacated by the commissioner. If a hearing is requested orordered, the commissioner, after notice of the hearing has been given toall interested persons and the hearing has been held, may modify or vacatethe order or extend it until final determination.

      History:   L. 1988, ch. 328, § 8; July 1.