(1) The Director of the Department of Consumer and Business Services may by order suspend or revoke a license issued under ORS § 717.200 to 717.320, 717.900 and 717.905 if the director finds that:

(a) Any fact or condition exists that, if it had existed at the time when the licensee applied for a license, would have been grounds for denying the application;

(b) The licensee’s net worth is inadequate and the licensee, following 10 days’ written notice from the director, fails to take such steps as the director considers necessary to remedy the inadequacy;

(c) The licensee has violated any material provision of ORS § 717.200 to 717.320, 717.900 and 717.905 or of any rule or order validly adopted or issued by the director under ORS § 717.200 to 717.320, 717.900 and 717.905;

(d) The licensee is conducting its business in an unsafe or unsound manner;

(e) The licensee is insolvent;

(f) The licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors or has admitted in writing its inability to pay its debts as they become due;

(g) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement or other relief under any bankruptcy proceeding;

(h) The licensee refuses to permit the director to make any examination authorized by ORS § 717.200 to 717.320, 717.900 and 717.905;

(i) The licensee knowingly fails to make any report required by ORS § 717.200 to 717.320, 717.900 and 717.905;

(j) The licensee has failed to maintain the security device or other securities as required by ORS § 717.225;

(k) The licensee has engaged in fraud in the conduct of the money transmission business;

(L) The licensee knowingly has submitted false information to the director; or

(m) The licensee has failed to terminate an authorized delegate when so ordered by the director.

(2) The suspension or revocation of a license shall not:

(a) Affect the licensee’s civil or criminal liability for acts committed prior to the suspension or revocation;

(b) Affect the liability of the surety on the licensee’s security device; or

(c) Entitle the licensee to a return of any part of the license or renewal fee.

(3) Except for nonpayment of any fees required by ORS § 717.200 to 717.320, 717.900 and 717.905 and except as provided in subsection (4) of this section, a license shall not be revoked or suspended by the director without opportunity for a hearing in accordance with ORS Chapter 183.

(4) If required to protect the public interest, a license may be suspended without a hearing in accordance with ORS § 183.430 (2).

(5) An order of the director revoking or suspending a license issued under ORS § 717.200 to 717.320, 717.900 and 717.905 shall state the grounds upon which the order is based and, except for a summary order issued in accordance with ORS § 183.430 (2), shall not become effective for at least 20 days after written notice of the order has been sent by registered or certified mail to the licensee at the principal place of business of the licensee.

(6) Appeals from an order of the director revoking or suspending a license may be taken to the courts of this state as provided by ORS Chapter 183. [1999 c.571 § 15]