§ 53-208.18. Suspension or revocation of licenses. - North Carolina Statutes

§ 53‑208.18.  Suspensionor revocation of licenses.

After notice and hearing, theCommissioner may suspend or revoke a license issued under this Article if theCommissioner finds any of the following:

(1)        Any fact orcondition exists that, if it had existed at the time when the licensee appliedfor its license, would have been grounds for denying the application.

(2)        The licensee's networth becomes inadequate and the licensee, after 10 days' written notice fromthe Commissioner, fails to take such steps as the Commissioner deems necessaryto remedy the deficiency.

(3)        The licenseeknowingly violates any material provision of this Article or any rule or ordervalidly adopted by the Commissioner under authority of this title.

(4)        The licensee isconducting its business in an unsafe or unsound manner.

(5)        The licensee isinsolvent.

(6)        The licensee hassuspended payment of its obligations, has made an assignment for the benefit ofits creditors, or has admitted in writing its inability to pay its debts asthey become due.

(7)        The licensee hasapplied for an adjudication for bankruptcy, reorganization, arrangement, orother relief under any bankruptcy.

(8)        The licensee refusesto permit the Commissioner to make any examination authorized by this Article.

(9)        The licenseewillfully fails to make any report required by this Article. (2001‑443, s. 2.)