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Current as of January 01, 2025 | Updated by Findlaw Staff
A. The Commission may revoke a license issued under this chapter:
1. If it reasonably determines that (i) a licensee is engaging in one or more unsafe or unsound practices, (ii) a licensee may be unable to perform its obligations, or (iii) a licensee has willfully failed without reasonable cause to pay or provide for the payment of any of its obligations; or
2. Upon any of the following grounds:
a. Any ground for denial of a license under this chapter;
b. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of the licensee's business;
c. Conviction of a felony or misdemeanor involving fraud, misrepresentation, or deceit;
d. Entry of a judgment against such licensee involving fraud, misrepresentation, or deceit;
e. Entry of a federal or state administrative order against such licensee for violation of any law or any regulation applicable to the conduct of his business;
f. Refusal to permit an investigation or examination by the Commission;
g. Failure to pay any fee or assessment imposed by this chapter; or
h. Failure to comply with any order of the Commission.
B. For the purposes of this section, acts of any officer, director, member, partner, or principal shall be deemed acts of the licensee.
Cite this article: FindLaw.com - Virginia Code Title 6.2. Financial Institutions and Services § 6.2-1907. License revocation - last updated January 01, 2025 | https://codes.findlaw.com/va/title-6-2-financial-institutions-and-services/va-code-sect-6-2-1907/
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 before relying on it for your legal needs.
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