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(a) The commissioner may suspend, revoke or refuse to renew any sales finance company license or take any other action, in accordance with section 36a-51, if any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted the commissioner's denial of such license or if the commissioner finds that the licensee or any control person of the licensee, qualified individual or branch manager with supervisory authority, trustee, employee or agent of such licensee has done any of the following: (1) Knowingly or without the exercise of due care to prevent such violation, has violated any provision of this title, or of any regulation or order adopted or issued pursuant thereto pertaining to such person, or any other law or regulation applicable to the conduct of such licensee's installment sales financing business; (2) failed to comply with any demand or requirement made by the commissioner under and within the commissioner's authority; (3) made any material misstatement in the application or in any filing made in connection with the license; (4) defrauded any retail buyer to the buyer's damage; or (5) wilfully failed to perform any written agreement with any retail buyer.
(b) The commissioner in the commissioner's discretion may revoke or suspend only the particular license with respect to which grounds for revocation or suspension are of general application to all locations, or if to more than one location, operated by such licensee, the commissioner shall revoke or suspend all of the licenses issued to such licensee or those licenses to which the grounds for revocation or suspension apply, as the case may be.
(c) No suspension, revocation or surrender of any license shall impair or affect the obligation of any installment contract, obligation or credit agreement lawfully acquired previously thereto by the licensee.
(d) Whenever it appears to the commissioner that (1) any person has violated, is violating or is about to violate any provision of sections 36a-535 to 36a-547, inclusive, within the jurisdiction of the commissioner or any regulation adopted under said sections, (2) any person is, was or would be a cause of the violation of any such provision or regulation due to an act or omission such person knew or should have known would contribute to such violation; or (3) any licensee has defrauded any retail buyer to the buyer's damage or wilfully failed to perform any written agreement with any retail buyer, the commissioner may take action against such person or such licensee in accordance with sections 36a-50 and 36a-52.
(e) The commissioner, in accordance with section 36a-51a, may order a licensee to remove any individual conducting business under sections 36a-535 to 36a-547, inclusive, from office and from employment or retention as an independent contractor in the sales finance business in this state.
(f) The commissioner may issue a temporary order to cease business under a license if the commissioner determines that such license was issued erroneously. Such temporary order shall be issued in accordance with subsection (j) of section 36a-24b.
Cite this article: FindLaw.com - Connecticut General Statutes Title 36A. The Banking Law of Connecticut § 36a-543. Suspension, revocation or refusal to renew license or taking of other action. Enforcement powers of commissioner - last updated June 28, 2021 | https://codes.findlaw.com/ct/title-36a-the-banking-law-of-connecticut/ct-gen-st-sect-36a-543/
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