1. The commissioner may revoke, suspend, limit or annul, a bank or storage facility license or may fine the holder thereof on proof that the license holder or one or more persons in its employ:

1. (a) has engaged in misrepresentation in obtaining the license or in the operation of the bank or storage facility;
2. (b) has engaged or attempted to engage in or represented itself as being entitled to perform any procurement or storage activity not authorized in the license;
3. (c) has demonstrated incompetence or has shown recurrent errors in the performance of procurement or storage activities;
4. (d) has been convicted of a felony.

2. No license shall be revoked, suspended, limited, or annulled or fine imposed without an opportunity for a hearing; provided, however, that a license may be temporarily suspended without a hearing for a period not in excess of sixty days upon notice to the license holder following a finding by the commissioner or his designee that the public health, safety, or welfare is in imminent danger.

1. (a) the commissioner or his designee shall fix a time and place for the hearing;
2. (b) a copy of the charges, together with a notice of the time and place of the hearing, shall be mailed to the license holder at the address of the bank or storage facility;
3. (c) all orders or determinations hereunder shall be subject to review as provided in article seventy-eight of the civil practice law and rules.