TITLE 19

Financial institutions

CHAPTER 19-14

Licensed Activities

SECTION 19-14-14



   § 19-14-14  Revocation by default. –

(a) The director, or the director's designee, may revoke any license without a

hearing by default if the licensee fails to respond to notifications informing

the licensee of a failure to pay the annual license fee; maintain in effect the

required bond or bonds; or maintain net worth requirements as required by this

title.



   (b) For the purposes of revocation by default, the director,

or the director's designee, shall send, in writing, to the licensee and to the

licensee's registered attorney for service of process at their current

respective addresses according to the records of the department, notice of the

deficiency and potential revocation of the license. Should the licensee or the

licensee's registered attorney fail to respond within fifteen (15) days of the

notification, the director, or the director's designee, may revoke the license

by default and without hearing. The director, or the director's designees,

shall notify the licensee of such revocation in writing.



   (c) Any action taken under this section may be appealed

pursuant to the Administrative Procedures Act, chapter 35, of title 42.



History of Section.

(P.L. 1995, ch. 82, § 52; P.L. 2012, ch. 65, § 2; P.L. 2012, ch. 145,

§ 2; P.L. 2014, ch. 106, § 3; P.L. 2014, ch. 125, § 3.)