Pennsylvania Statutes Title 7 Pa.C.S.A. Banks and Banking § 6134. License duration

(1) Be renewed on the licensee's renewal date each year upon completion of the requirements of section 6131(h) (relating to application for license). No refund of any portion of the license fee shall be made if the license is voluntarily surrendered to the department or suspended or revoked by the department prior to its expiration date.

(2) Be invalid if the licensee's authority to conduct business is voided under any law of this Commonwealth or any other state, unless the licensee demonstrates to the satisfaction of the department that the applicable court or governmental entity was clearly erroneous in voiding the licensee's authority to conduct business.

(3) Not be assignable or transferable by operation of law or otherwise.