1. (1) The Administrator may after notice and hearing suspend or revoke any license if he finds that:

   1. (a) The licensee has failed to pay the annual license fee imposed by this act, or an examination fee, investigation fee or other fee or charge imposed by the Administrator under the authority of this act, or that
   2. (b) The licensee, either knowingly or without the exercise of due care to prevent the same, has violated any provision of this act or any regulation or order lawfully made pursuant to and within the authority of this act, or that
   3. (c) Any fact or condition exists which, if it had existed or had been known to exist at the time of the original application for such license, clearly would have justified the Administrator in refusing to issue such license.
2. (2) The hearing shall be held upon not less than twenty (20) days' notice in writing setting forth the time and place thereof and a concise statement of the facts alleged to sustain the suspension or revocation, and its effective date shall be set forth in a written order accompanied by finding of fact and a copy thereof shall be forthwith delivered to the licensee. Such order, finding, and the evidence considered by the Administrator shall be filed with the public records of the Administrator.
3. (3) Any licensee may surrender any license by delivering it to the Administrator with written notice of its surrender, but such surrender shall not affect his civil or criminal liability for acts committed prior thereto.
4. (4) No revocation, suspension, or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower.
5. (5) The Administrator may reinstate suspended licenses or issue new licenses to a person whose license or licenses have been revoked if no fact or condition then exists which clearly would have justified the Administrator in refusing originally to issue such license under this part.

Laws 1969, HB 1001, c. 352, § 3-505, emerg. eff. July 1, 1969.