(a) Reasons.--The Secretary may cancel a license issued under this Article upon the
written request of the licensee and the immediate return of the license to the Secretary. The Secretary may summarily revoke a license issued under this Article when the
Secretary finds that the licensee is incurring liability for the tax imposed under
this Article after failing to pay a tax when due under this Article. In addition, the Secretary may revoke the license of a licensee that commits one
or more of the acts listed in G.S. 105-449.120 after holding a hearing on whether the license should be revoked.
(b) Procedure.--The Secretary must send a person whose license is summarily revoked
a notice of the revocation and must give the person an opportunity to have a hearing
on the revocation within 10 days after the revocation. The Secretary must give a person whose license may be revoked after a hearing at
least 10 days' written notice of the date, time, and place of the hearing. A notice of a summary license revocation and a notice of hearing must be sent by
certified mail to the last known address of the licensee.
(c) Release of Bond.--When the Secretary cancels or revokes a license and the licensee
has paid all taxes and penalties due under this Article, the Secretary must take one
of the following actions concerning a bond or an irrevocable letter of credit filed
by the licensee:
(1) Return an irrevocable letter of credit to the licensee.
(2) Return a bond to the licensee or notify the person liable on the bond and the
licensee that the person is released from liability on the bond.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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