SEC. 83-7-207. Suspension, revocation, and refusal to renew license; hearing.
(1) The commissioner may suspend, revoke or refuse to renew the license of a viatical settlement provider, viatical settlement representative or viatical settlement broker if the commissioner finds that:
(a) There was any material misrepresentation in the application for the license;
(b) The licensee or any officer, partner or key management personnel has been convicted of fraudulent or dishonest practices, is subject to a final administrative action or is otherwise shown to be untrustworthy or incompetent;
(c) The viatical settlement provider demonstrates a pattern of unreasonable payments to viators;
(d) The licensee has been found guilty of, or has pleaded guilty or nolo contendere to, any felony or to a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;
(e) The viatical settlement provider has failed to honor contractual obligations set out in a viatical settlement contract;
(f) The licensee no longer meets the requirements for initial licensure;
(g) The viatical settlement provider has assigned, transferred or pledged a viaticated policy to a person other than a viatical settlement provider licensed in this state or a financing entity; or
(h) The licensee has violated any provision of this act.
(2) Before the commissioner shall deny a license application or suspend, revoke or refuse to renew the license of a viatical settlement provider, viatical settlement broker or viatical settlement representative, the commissioner shall conduct a hearing in accordance with Section 25-43-1 et. seq.
SOURCES: Laws, 2000, ch. 323, § 4, SB3000, eff. July 1, 2000.