Connecticut General Statutes 36a-852 – Suspension, revocation or refusal to renew license or registration. Removal from office and from employment or retention. Temporary order to cease business
(a) The commissioner may suspend, revoke or refuse to renew any license issued under § 36a-847, or take any other action, in accordance with § 36a-51, if the commissioner finds that (1) the licensee or any control person, qualified individual, branch manager, trustee, employee or agent of the licensee has violated any provision of this title or any regulation or order adopted or issued pursuant thereto pertaining to such person, or any other law or regulation applicable to the conduct of such licensee’s student loan servicing business, or (2) any fact or condition exists which, if it had existed at the time of the original application for the license, clearly would have warranted a denial of such license.
Terms Used In Connecticut General Statutes 36a-852
- Commissioner: means the Banking Commissioner and, with respect to any function of the commissioner, includes any person authorized or designated by the commissioner to carry out that function. See Connecticut General Statutes 36a-2
- Fraud: Intentional deception resulting in injury to another.
- Licensee: means any person who is licensed or required to be licensed pursuant to the applicable provisions of this title. See Connecticut General Statutes 36a-2
- Loan: includes any line of credit or other extension of credit. See Connecticut General Statutes 36a-2
- Person: means an individual, company, including a company described in subparagraphs (A) and (B) of subdivision (11) of this section, or any other legal entity, including a federal, state or municipal government or agency or any political subdivision thereof. See Connecticut General Statutes 36a-2
- State: means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the trust territory of the Pacific Islands, the Virgin Islands and the Northern Mariana Islands. See Connecticut General Statutes 36a-2
- Trustee: A person or institution holding and administering property in trust.
(b) The commissioner may suspend, revoke or refuse to renew any registration filed pursuant to § 36a-847a if any fact or condition exists which, if it had existed at the time of filing for registration, would have precluded eligibility for such registration.
(c) Whenever it appears to the commissioner that any (1) person has violated, is violating or is about to violate any of the provisions of sections 36a-846 to 36a-854, inclusive, or any regulation adopted pursuant to said sections, (2) person is, was or would be a cause of the violation of any such provision or regulation due to an act or omission such person knew or should have known would contribute to such violation, or (3) any licensee or registrant or any control person, qualified individual, branch manager, trustee, employee or agent of such licensee or registrant has committed any fraud, engaged in dishonest activities or made any misrepresentation, the commissioner may take action against such person, licensee or registrant in accordance with sections 36a-50 and 36a-52.
(d) The commissioner may order a licensee to remove any individual conducting business under sections 36a-846 to 36a-854, inclusive, from office and from employment or retention as an independent contractor in the student loan servicer business in this state in accordance with § 36a-51a.
(e) The commissioner may issue a temporary order to cease business under a license if the commissioner determines that such license was issued erroneously. Such temporary order shall be issued in accordance with subsection (j) of § 36a-24b.