40-2606. Revocation or suspension of license, grounds; hearing; other penalties.
40-2606
40-2606. Revocation or suspension of license, grounds;hearing; other penalties.The commissioner shall have the right to revoke or suspend the licenseof any premium finance company if thecommissioner finds that:
(a) Any license issued to such company wasobtained by fraud;
(b) there was any misrepresentation in the application for the license;
(c) the holder of such license is otherwise shown to be untrustworthyor incompetent to act as a premium finance company; or
(d) such company has violated any of the provisions of this act.
Before the commissioner shall revoke, suspend or refuse to renew thelicense of any premium finance company, the commissioner shall conduct a hearing in accordancewith the provisions of the Kansas administrative procedure act. In lieu of revoking orsuspending the licensefor any of the causes enumerated in this section, after hearing as hereinprovided, the commissioner may subject such company to a penalty of notmore than $500 for each offense when the commissioner finds thatthe public interest would not beharmed by the continuedoperation of such company. The amount of any such penalty shall be paid bysuch company to the commissioner for deposit in the state generalfund. At any hearing provided by this section, anyone testifying falsely,after having been administered an oath, shall be subject to the penaltyof perjury.
History: L. 1968, ch. 287, § 6;L. 1986, ch. 318, § 40;L. 1988, ch. 356, § 114; July 1, 1989.