§ 4487 - Suspension, revocation or refusal of license of foreign or alien society
§ 4487. Suspension, revocation or refusal of license of foreign or alien society
(a) When the commissioner of banking, insurance, securities, and health care administration upon investigation finds that a foreign or alien society transacting or applying to transact business in this state:
(1) has exceeded its powers;
(2) has failed to comply with any of the provisions of this chapter;
(3) is not fulfilling its contracts in good faith; or
(4) is conducting its business fraudulently or in a manner hazardous to its members or creditors or the public;
he shall notify the society of his findings, state in writing the reasons for his dissatisfaction and require the society to show cause on a date named why its license should not be suspended, revoked or refused. If on that date the society does not present good and sufficient reason, why its authority to do business in this state should not be suspended, revoked or refused, he may suspend or refuse the license of the society to do business in this state until satisfactory evidence is furnished to him that the suspension or refusal should be withdrawn or he may revoke the authority of the society to do business in this state.
(b) Nothing contained in this section shall be taken or construed as preventing any such society from continuing in good faith all contracts made in this state during the time the society was legally authorized to transact business herein. (1959, No. 197, § 27, eff. Nov. 22, 1959; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a).)