286.4-490 Revocation, suspension, surrender, and reinstatement of licenses --
Hearing.
(1) The commissioner may revoke any license issued under this subtitle if the
commissioner finds: <br>(a) That the licensee has failed to pay his annual license fee; or <br>(b) That the licensee has violated any provision of this subtitle or has failed to
comply with any administrative regulation lawfully promulgated pursuant <br>thereto; or
(c) That any fact or condition then exists which clearly would have warranted the
commissioner in refusing to issue a license on an original application; or
(d) That the licensee has failed to open an office for business within one hundred
twenty (120) days from the date the license is granted, or has failed to remain <br>open for business for a period of one hundred twenty (120) days, unless in <br>each case good cause be shown.
(2) The commissioner may suspend any license for a period not exceeding thirty (30)
days, pending investigation of possible grounds for revocation under paragraphs (b) <br>or (c) of subsection (1) of this section.
(3) Before the revocation of a license under subsection (1), or suspension under
subsection (2), the licensee shall be given ten (10) days' written notice of the <br>contemplated revocation or suspension of his license, the grounds therefor stated <br>specifically, and an opportunity for an administrative hearing to be conducted in <br>accordance with KRS Chapter 13B.
(4) The commissioner may reinstate suspended licenses or issue new licenses to a
licensee whose license has been revoked if no fact or condition then exists which <br>clearly would have warranted him or her in refusing originally to issue such license <br>under this subtitle.
(5) Any licensee may surrender any license by delivering it to the commissioner
together with written notice that he or she thereby surrenders his license.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 663, effective July 15, 2010. -- Amended
1996 Ky. Acts ch. 318, sec. 218, effective July 15, 1996. -- Created 1960 Ky. Acts <br>ch. 204, sec. 9, effective June 16, 1960.
Formerly codified as KRS 288.490. <br>Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts
ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the <br>Kentucky Financial Services Code, KRS Chapter 286, and KRS references within <br>this statute have been adjusted to conform with the 2006 renumbering of that code.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
