§ 4487. Suspension, revocation or refusal of license of foreign or alien society
(a) When the Commissioner of Financial Regulation upon investigation finds that a foreign or alien society transacting or applying to transact business in this State:
(1) has exceeded its powers;
(2) has failed to comply with any of the provisions of this chapter;
(3) is not fulfilling its contracts in good faith; or
(4) is conducting its business fraudulently or in a manner hazardous to its members or creditors or the public; he or she shall notify the society of his or her findings, state in writing the reasons for his or her dissatisfaction and require the society to show cause on a date named why its license should not be suspended, revoked, or refused. If on that date the society does not present good and sufficient reason, why its authority to do business in this State should not be suspended, revoked, or refused, he or she may suspend or refuse the license of the society to do business in this State until satisfactory evidence is furnished to him or her that the suspension or refusal should be withdrawn or he or she may revoke the authority of the society to do business in this State.
(b) Nothing contained in this section shall be taken or construed as preventing any such society from continuing in good faith all contracts made in this State during the time the society was legally authorized to transact business herein. (Added 1959, No. 197, § 27, eff. Nov. 22, 1959; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)