2023 New Jersey Revised Statutes
Title 17 - Corporations and Institutions for Finance and Insurance
Section 17:15C-16 - Suspension, revocation of license.

17:15C-16 Suspension, revocation of license.

16. After notice and hearing pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), the commissioner may suspend or revoke a licensee's license if the commissioner finds that:

a. The licensee has made a material misstatement or suppressed or withheld information on the application for a license or any document required to be filed with the commissioner;

b. Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application;

c. The licensee's net worth has become inadequate and the licensee, after 10 days' written notice from the commissioner, fails to take the steps the commissioner deems necessary to remedy the deficiency;

d. The licensee knowingly violates any material provision of this act or any rule or order validly promulgated by the commissioner under authority of this act;

e. The licensee is conducting its business in an unsafe or unsound manner;

f. The licensee is insolvent; for the purposes of this section, a licensee shall be insolvent if: (1) the aggregate of its property at a fair valuation, exclusive of any property which it may have conveyed, transferred, concealed, removed or permitted to be concealed or removed, with intent to defraud, hinder or delay its creditors, is not sufficient in amount to pay its debts; or (2) the licensee is unable, by its available assets or the honest use of credit, to pay its debts as they become due;

g. The licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;

h. The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy;

i. The licensee refuses to permit the commissioner to make any examination or investigation authorized by this act;

j. The licensee willfully fails to make any report required by this act;

k. The licensee has willfully violated any provision of 31 C.F.R. s.103.11 et seq.; or

l. The licensee has willfully violated any provision of P.L.1994, c.121 (C.2C:21-23 et seq.).

L.1998,c.14,s.16.