§ 58-58-215. License revocation and denial.
§ 58‑58‑215. License revocation and denial.
The Commissioner may suspend,revoke, or refuse to issue or renew the license of a provider or broker if theCommissioner finds that:
(1) There was anymaterial misrepresentation in the application for the license;
(2) The licensee or anyofficer, partner, member, or key management personnel has been convicted offraudulent or dishonest practices, is subject to a final administrative action,or is otherwise shown to be untrustworthy or incompetent;
(3) The providerdemonstrates a pattern of unreasonable payments to viators;
(4) The licensee or anyofficer, partner, member, or key management personnel has been found guilty of,or has pleaded guilty or nolo contendere to, any felony, or to a misdemeanorinvolving fraud or moral turpitude, regardless of whether a judgment ofconviction has been entered by the court;
(5) The provider hasentered into any viatical settlement contract that has not been approvedpursuant to this Part;
(6) The provider hasfailed to honor contractual obligations set out in a viatical settlementcontract;
(7) The licensee nolonger meets the requirements for initial licensure;
(8) The provider hasassigned, transferred, or pledged a viaticated policy to a person other than aprovider licensed in this State, viatical settlement purchaser, an accreditedinvestor, or qualified institutional buyer as defined respectively inRegulation D, Rule 501 or Rule 144A of the Federal Securities Act of 1933, asamended, financing entity, special purpose entity, or related provider trust;or
(9) The licensee or anyofficer, partner, member, or key management personnel has violated anyprovision of this Part. (2001‑436, s. 3.)