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

   1. 1. The licensee has failed to pay any fee or charge properly imposed by the Administrator under the authority of the Credit Services Organization Act;
   2. 2. The licensee, either knowingly or without the exercise of due care to prevent the same, has violated any provisions of the Credit Services Organization Act or any regulation or order lawfully made pursuant thereto; or
   3. 3. Any fact or condition exists which, if it had existed or had been known to exist at the time of the original application for a license, clearly would have justified the Administrator in refusing the license.
2. B. The hearing shall be held upon twenty (20) days' notice in writing, setting forth the time and place thereof and a concise statement of the facts alleged to warrant suspension or revocation. At the conclusion of the hearing, the Administrator shall prepare a written order setting forth the effective date of any suspension or revocation accompanied by findings of fact and a copy thereof shall be forthwith delivered to the licensee. Such order, findings and the evidence considered by the Administrator shall be filed with the public records of the Administrator.
3. C. Any licensee may surrender any license by delivering it to the Administrator with written notice of its surrender, but such surrender shall not affect the licensee's civil or criminal liability for acts committed prior thereto.
4. D. No revocation, suspension or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any customer.
5. E. The Administrator may reinstate suspended licenses or issue new licenses to a person whose license or licenses have been revoked if no fact or condition then exists which clearly would have justified the Administrator in refusing originally to issue such license pursuant to the Credit Services Organization Act.
6. F. On application of any person and payment of the cost thereof, the Administrator shall furnish under his seal and signature a certificate of good standing or a certified copy of any license.

Laws 1987, SB 61, c. 208, § 50, emerg. eff. July 1, 1987, and Laws 1987, HB 1473, c. 236, § 76, emerg. eff. July 20, 1987.