11-110-115. Revocation, suspension, or surrender of license

11-110-115. Revocation, suspension, or surrender of license. (1) The banking board may, upon ten days' notice served personally upon the licensee stating the contemplated action and the grounds for the action, hold a hearing at which the licensee has a reasonable opportunity to be heard, for the purpose of determining whether a license should be suspended or revoked. (2) After the hearing the banking board may suspend or revoke any license issued under this article 110 if it finds that: (a) The licensee has failed to maintain the required bond; or (b) The licensee has failed to comply with any order, decision, or finding of the banking board or the commissioner made pursuant to this article 110; or (c) The licensee has violated any provision of this article 110; or (d) Facts exist that would have warranted the banking board's refusal to issue the original license; or (e) The licensee is engaged in a business a substantial portion of which involves the processing, manufacture, or purchase and sale of commodities or articles of tangible personal property and the licensee has failed to maintain constantly a separate bank deposit account or accounts for the exclusive payment of exchange issued by the licensee; or (f) The licensee has sold or issued exchange without receiving payment for the face value of the exchange prior to the time of the sale or issuance. (3) A licensee may surrender any license by delivering to the banking board written notice that the person surrenders the license, but the surrender does not: (a) Affect the licensee's civil or criminal liability for acts committed prior to the surrender; (b) Affect the liability on any bond; or (c) Entitle the licensee to a return of any part of any license fee.