2013 Mississippi Code
Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS
Chapter 67 - LOANS
Article 9 - TITLE PLEDGE ACT
§ 75-67-423 - Grounds for suspension of license; notice and hearing requirements


MS Code § 75-67-423 (2013) What's This?

(1) The commissioner may, after notice and hearing, suspend or revoke any license if it finds that:

(a) The licensee, either knowingly, or without the exercise of due care to prevent the same, has violated any provision of this article;

(b) Any fact or condition exists which, if it had existed or had been known to exist at the time of the original application for the license, clearly would have justified the commissioner in refusing the license;

(c) The licensee has aided, abetted or conspired with an individual or person to circumvent or violate the requirements of this article;

(d) The licensee, or a legal or beneficial owner of the license, has been convicted of a crime that the commissioner finds directly relates to the duties and responsibilities of the occupation of title pledge lender.

(2) The commissioner may conditionally license or place on probation a person whose license has been suspended or may reprimand a licensee for a violation of this article.

(3) The manner of giving notice and conducting a hearing as required by subsection (1) of this section shall be performed in accordance with Mississippi Administrative Procedures Law, Section 25-43-1 et seq., Mississippi Code of 1972.

(4) Any licensee may surrender any license by delivering it to the commissioner with written notice of its surrender, but such surrender shall not affect the licensee's civil or criminal liability for acts committed prior thereto.

(5) No revocation, suspension or surrender of any license shall impair or affect the obligation of any pre-existing lawful contract between the licensee and any pledgor. Any title pledge transaction made without benefit of license is void.

(6) The commissioner may reinstate suspended licenses or issue new licenses to a person whose license or licenses have been revoked if no fact or condition then exists that clearly would have justified the commissioner in refusing originally to issue a license under this article.

(7) The appropriate local law enforcement agency shall be notified of any licensee who has his license suspended or revoked as provided by this article.

(8) The Commissioner of Banking and Consumer Finance shall enforce the provisions of this section.

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