Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-260 Revocation of license

§ 6.1-260. Revocation of license

The Commission, upon ten days' written notice to the licensee stating the contemplated action and in general the grounds therefor, and upon reasonable opportunity to be heard, may revoke any license issued hereunder if it finds that:

(1) The licensee has failed to pay the annual license fee or to comply with any order of the Commission lawfully made pursuant to and within the authority of this chapter; or

(2) The licensee, either knowingly or without the exercise of due care to prevent the same, has violated any provision of this chapter or any regulation lawfully made by the Commission under § 6.1-302; or

(3) Any fact or condition exists which clearly would have warranted the Commission in refusing originally to issue the license, except that no license shall be revoked solely upon a finding by the Commission that the business of the licensee is not promoting the convenience and advantage of the community in which the licensed office is located.

(Code 1950, § 6-290; 1956, c. 71; 1966, c. 584.)

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Last modified: April 16, 2009