(a) The Commissioner may revoke or suspend the license of any premium finance company when and if after investigation it appears to the Commissioner that:
(1) Any license issued to such company was obtained by fraud;
(2) There was any misrepresentation in the application for the license;
(3) The holder of such license has otherwise shown himself untrustworthy or incompetent to act as a premium finance company;
(4) Such company has violated any of the provisions of this chapter; or
(5) Such company has been rebating part of the service charge as allowed and permitted herein to any insurance agent or any employee of an insurance agent or to any other person as an inducement to the financing of any insurance policy with the premium finance company.
(b) Before the Commissioner shall revoke, suspend, or refuse to renew the license of any premium finance company, he shall give to such person an opportunity to be fully heard and to introduce evidence in his behalf. In lieu of revoking or suspending the license for any of the causes enumerated in this section, after hearing as herein provided, the Commissioner may subject such company to a penalty of not more than $200 for each offense when in his judgment he finds that the public interest would not be harmed by the continued operation of such company. The amount of any such penalty shall be paid by such company through the office of the Commissioner to the District of Columbia Treasurer. At any hearing provided by this section, the Commissioner shall have authority to administer oaths to witnesses. Anyone testifying falsely, after having been administered such oath, shall be subject to the penalty of perjury.
(c) If the Commissioner refuses to issue or renew any license or if any applicant or licensee is aggrieved by any action of the Commissioner, said applicant or licensee shall have the right to a hearing and court proceeding as provided for in §§ 31-2502.35 [repealed], 31-2502.43 [repealed] and 31-2502.44 [repealed].
(Oct. 9, 1940, ch. 792, ch. III, § 55; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1; May 21, 1997, D.C. Law 11-268, § 10(r)(3), 44 DCR 1730.)
Prior Codifications1981 Ed., § 35-1555.
1973 Ed., § 35-1365.
Section ReferencesThis section is referenced in § 31-2231.17.
Cross ReferencesAdministrative procedure, see § 2-501 et seq.
Judicial review, see §§ 2-510 and 11-722.
Editor's NotesDepartment of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.