§ 306. Immunity from prosecution. (a) At any hearing conducted
pursuant to this chapter or in any cause or proceeding instituted by the
superintendent pursuant to this chapter, the superintendent, or his
deputy or other officer conducting the hearing, cause or proceeding may
confer immunity in accordance with the provisions of section 50.20 of
the criminal procedure law.

(b) No person compelled in accordance with the provisions of section
50.20 of the criminal procedure law to give answer or produce evidence
of any other kind at any such hearing, cause or proceeding shall be
exempt from the refusal, revocation or suspension of any license,
permission or authority conferred, or to be conferred, pursuant to this
chapter. Any person testifying at any such hearing, cause or proceeding
may execute, acknowledge and file in the office of the superintendent a
statement expressly waiving his immunity or privilege against
self-incrimination in respect to any transaction, matter or thing
specified in such statement and thereupon the answers given or evidence
produced by such person in relation to such transaction, matter or thing
may be received or produced before any judge or justice, court,
tribunal, grand jury or otherwise, and if so received or produced such
person shall not be entitled to any immunity or privilege on account of
any answers he may so give or evidence he may so produce.