6.1-427 - (Repealed effective October 1, 2010) Notice of proposed suspension or revocation.
§ 6.1-427. (Repealed effective October 1, 2010) Notice of proposed suspensionor revocation.
The Commission may not revoke or suspend the license of any lender or brokerlicensed under this chapter upon any of the grounds set forth in § 6.1-425until it has given the lender or broker twenty-one days' notice in writing ofthe reasons for the proposed revocation or suspension and has given thelender or broker an opportunity to introduce evidence and be heard. Thenotice shall be sent by certified mail to the principal place of business ofsuch lender or broker and shall state with particularity the grounds for thecontemplated action. Within fourteen days of mailing the notice, the personor persons named therein may file with the Clerk of the Commission a writtenrequest for a hearing. If a hearing is requested, the Commission shall notsuspend or revoke the license except based upon findings made at suchhearing. The hearing shall be conducted in accordance with the provisions ofTitle 12.1.
(1987, c. 596.)