§ 347. Grounds for revocation or suspension of license; procedure. The
superintendent may suspend or revoke any license issued hereunder if the
superintendent shall find that:

(a) The licensee has failed to pay any sum of money lawfully demanded
by the superintendent or to comply with any demand, ruling, or
requirement of the superintendent;

(b) The licensee has violated any provisions of this article, the act
of congress entitled "Truth in Lending Act" and the regulations
thereunder, as such act and regulations may from time to time be
amended, or of any rule or regulation lawfully made by the
superintendent;

(c) Any fact or condition exists which, if it had existed at the time
of the original application for such license, clearly would have
warranted the superintendent in refusing originally to issue such
license;

(d) The licensee has engaged in the business of a sales finance
company and has done or failed to do any act, except the failure to pay
the fees required, which would be grounds for the suspension or
revocation of its license pursuant to section four hundred ninety-five
of this chapter were it required to obtain such a license.

The superintendent may on good cause shown, without notice or hearing,
suspend any license for a period not exceeding thirty days, pending
investigation.

The superintendent may revoke or suspend only the particular license
with respect to which grounds for revocation or suspension may occur or
exist, or, if the superintendent shall find that such grounds for
revocation or suspension are of general application to all offices, or
to more than one office, operated by such licensee, the superintendent
shall revoke or suspend all of the licenses issued to such licensee or
such number of licenses as such grounds apply to, as the case may be.

Any licensee may surrender any license by delivering to the
superintendent written notice that the licensee thereby surrenders such
license, but such surrender shall not affect such licensee's civil or
criminal liability for acts committed prior to such surrender.

No revocation or suspension or surrender of any license shall impair
or affect the obligation of any pre-existing lawful contract between the
licensee and any borrower.

Every license issued hereunder shall remain in force and effect until
it shall have been surrendered, revoked, or suspended in accordance with
the provisions of this article, but the superintendent shall have
authority to reinstate suspended licenses or to issue new licenses to a
licensee whose license or licenses shall have been revoked if no fact or
condition then exists which clearly would have warranted the
superintendent in refusing originally to issue such license under this
article.

Whenever the superintendent shall revoke or suspend a license issued
pursuant to this article, the superintendent shall execute a written
order to that effect. The superintendent shall file one copy of such
order in the office of the department and serve a copy upon the
licensee, which order may be reviewed in the manner provided by article
seventy-eight of the civil practice law and rules. Such special
proceeding for review as authorized by this section must be commenced
within thirty days from the date of such order of suspension or
revocation.