(a) The Banking Commissioner may order a licensee to remove any individual from office and from employment or retention as an independent contractor in a business subject to licensure by the commissioner whenever the commissioner finds as the result of an investigation: (1) Such individual has violated any provision of law applicable to the licensed business, or any regulation or order issued thereunder; or (2) any reason that would be sufficient grounds for the commissioner to deny a license for such business, by sending a notice to such individual by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt, unless such individual is licensed by the commissioner, in which case the notice may be provided by personal delivery, as defined in § 4-166, in accordance with § 36a-52a. The notice shall be deemed received by such individual on the earlier of the date of actual receipt or seven days after mailing or sending, and in the case of a notice sent by electronic mail, the notice shall be deemed received by the individual in accordance with § 36a-52a.

(b) Any such notice issued under subsection (a) of this section shall include: (1) If a hearing has been scheduled, a statement of the time, place and nature of the hearing; (2) if a hearing has not been scheduled, a statement indicating that such individual may file a written request for a hearing on the matters asserted not later than fourteen days after receipt of the notice; (3) a statement of the legal authority and jurisdiction under which the hearing is to be held or may be held; (4) a reference to the particular sections of the general statutes, regulations or orders alleged to have been violated; and (5) a short and plain statement of the matters asserted. If the commissioner finds that the protection of consumers requires immediate action, the commissioner may suspend any such individual from office and require such person to take or refrain from taking such action as the commissioner deems necessary to effectuate the purposes of this subsection, by incorporating a finding to that effect in such notice. The suspension or prohibition shall become effective upon receipt of such notice and, unless stayed by a court, shall remain in effect until the entry of a permanent order or the dismissal of the matters asserted.

(c) If a hearing is requested, in accordance with subdivision (2) of subsection (b) of this section, within the time specified in the notice, the commissioner shall hold a hearing upon the matters asserted in the notice. If such individual fails to appear at the hearing or if, after the hearing, the commissioner finds that any of the grounds set forth in subdivision (1) or (2) of subsection (a) of this section exist with respect to such individual, the commissioner may order a licensee to remove such individual from office and from any employment or retention as an independent contractor in any business in this state subject to the commissioner’s jurisdiction. No such order shall be issued except in accordance with the provisions of chapter 54.