642 - Action by superintendent.

§ 642. Action by superintendent. 1. Upon the filing of an application,  and  the  payment  of  the  fees  for  investigation  and  license,  the  superintendent   shall   investigate   the   financial   condition   and  responsibility, financial and business experience, character and general  fitness  of  the  applicant  and,  if  the  superintendent  finds  these  qualities are such  as  to  warrant  the  belief  that  the  applicant's  business  will  be  conducted honestly, fairly, equitably, carefully and  efficiently within the purposes and intent of this  article,  and  in  a  manner  commanding  the  confidence  and  trust  of  the  community, the  superintendent shall advise the applicant in writing of his  conditional  approval  of  the  application,  and  thereafter  upon compliance by the  applicant with the provisions of section six hundred forty-three of this  article, shall issue to  the  applicant  a  license  to  engage  in  the  business  of  selling  and  issuing  checks,  and of receiving money for  transmission and transmitting the same, subject  to  the  provisions  of  this  article; or the superintendent may deny the application and return  the license fee to the applicant.    2. The  superintendent  shall  approve  conditionally  or  deny  every  application  for  a license hereunder within ninety days from the filing  thereof. Such period of ninety days may  be  extended,  by  the  written  consent  of the applicant, for such additional reasonable period of time  as may be required to  enable  compliance  with  such  requirements  and  conditions  as  may  be  provided  by  this  article  and  the  rules or  regulations of the superintendent issued thereunder.    3. A license issued pursuant to this  article  shall  remain  in  full  force  and  effect until it is surrendered by the licensee or revoked or  suspended as provided in this article.    4. The superintendent may suspend or revoke a license on any ground on  which he might refuse to issue an original license, or for  a  violation  of  any  provision  of  this chapter or any regulation issued under this  article, or for failure of the licensee to pay a judgment, recovered  in  any court, within or without this state, by a claimant or creditor in an  action  arising  out of the licensee's business in this state of selling  or issuing checks or of receiving money for transmission or transmitting  the same, within thirty days after the judgment becomes final or  within  thirty  days  after  expiration  or  termination  of a stay of execution  thereon; provided, however, that if execution on the judgment be stayed,  by court order or operation of law or  otherwise,  then  proceedings  to  suspend  or  revoke the license (for failure of the licensee to pay such  judgment) may not be commenced by the superintendent during the time  of  such stay, and for thirty days thereafter.    5.  No  license  shall  be suspended or revoked except after a hearing  thereon. The superintendent shall give the licensee at least  ten  days'  written  notice  of  the time and place of such hearing by registered or  certified mail addressed to the principal  place  of  business  of  such  licensee.  Any  order  of the superintendent suspending or revoking such  license shall state the grounds upon which it is based and shall not  be  effective  until  ten days after written notice thereof has been sent by  registered or certified mail to the licensee at such principal place  of  business,  except  that  revocation by reason of the licensee's bond not  being kept in full force and effect as required by this article,  or  by  reason  of  failure to keep on deposit sufficient securities or funds as  required  by  this  article,  may  take  effect   immediately   if   the  superintendent so orders.    6.  The  superintendent  may, on good cause shown, or where there is a  substantial risk of public harm, suspend any license issued pursuant  to  this   article   for   a  period  not  exceeding  thirty  days,  pending  investigation. "Good cause", as used in this  subdivision,  shall  existonly  when  the  licensee  has  defaulted  or  is  likely  to default in  performing  its  financial  engagements  or  engages  in  dishonest   or  inequitable  practices  which  may cause substantial harm to the persons  afforded the protection of this article.