Revocation of Authority to Transact Business in the Commonwealth

(1) If a foreign limited liability company has failed for two consecutive years to comply with the provisions of law requiring the filing of annual reports or if the Director is satisfied that the revocation of the foreign limited liability company's authority to transact business in the Commonwealth would be in the public interest, the Division may commence a proceeding to revoke the authority of the foreign limited liability company to transact business in the Commonwealth. (2) The revocation of authority of a foreign limited liability company shall be deemed to be in the public interest, if the foreign limited liability company fails to appoint a resident agent within 60 days after notice from the Division to the foreign limited liability company of the requirement to maintain a resident agent and office in the commonwealth. (3) The Division shall give written notice to the foreign limited liability company that one or more grounds exist for administrative revocation of its authority to transact business in the Commonwealth. The notice shall be sent by mail postage prepaid to the address of the foreign limited liability company in the Division records. If the foreign limited liability company does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the Division that each ground does not exist within 90 days after the date of the notice, the Division shall administratively revoke the authority of the foreign limited liability company to transact business in the Commonwealth.