The Commission may suspend, revoke or refuse to renew a license of any insurance premium finance company whenever it finds that:
1. The licensee has (i) failed to pay the annual license fee, (ii) violated or failed to comply with any of the provisions of this chapter or with any rule or regulation made by the Commission pursuant to this chapter, or (iii) violated or failed to comply with any order, demand, ruling, provision or requirement of the Commission lawfully made pursuant to or within the authority of this chapter; or
2. The licensee no longer meets the standards required for the initial issuance of a license.
1964, c. 147, § 38.1-739; 1986, c. 562.
Structure Code of Virginia
Chapter 47 - Insurance Premium Finance Companies
§ 38.2-4700. What persons deemed insurance premium finance companies
§ 38.2-4701. License required; application; fee
§ 38.2-4702. Investigation of applicant; issuance of license
§ 38.2-4703. Renewal of license
§ 38.2-4704. Suspension, revocation or failure to renew license; imposition of penalty
§ 38.2-4705. Maximum interest rate and maximum service charge on premium finance agreement
§ 38.2-4706. Default charge; bad check charge
§ 38.2-4709. Disposition of license and other fees
§ 38.2-4710. Penalty for engaging in business without license