Nevada Revised Statutes 675.440 – Revocation or suspension of license: Grounds; notice; hearing; order
1. If the Commissioner has reason to believe that grounds for revocation or suspension of a license exist, he or she shall give 20 days’ written notice to the licensee stating the contemplated action and, in general, the grounds therefor and set a date for a hearing.
Terms Used In Nevada Revised Statutes 675.440
- Commissioner: means the Commissioner of Financial Institutions. See Nevada Revised Statutes 675.020
- License: means a license, issued under the authority of this chapter, to make loans in accordance with the provisions of this chapter, at a single place of business. See Nevada Revised Statutes 675.020
- Licensee: means a person to whom one or more licenses have been issued. See Nevada Revised Statutes 675.020
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. At the conclusion of a hearing, the Commissioner shall:
(a) Enter a written order either dismissing the charges, revoking the license, or suspending the license for a period of not more than 60 days, which period must include any prior temporary suspension. A copy of the order must be sent by registered or certified mail to the licensee.
(b) Impose upon the licensee an administrative fine of not more than $10,000 for each violation by the licensee of any provision of this chapter or any lawful regulation adopted under it.
(c) If a fine is imposed pursuant to this section, enter such order as is necessary to recover the costs of the proceeding, including his or her investigative costs and attorney’s fees.
3. The grounds for revocation or suspension of a license are that:
(a) The licensee has failed to pay the annual license fee;
(b) The licensee, either knowingly or without any exercise of due care to prevent it, has violated any provision of this chapter or any lawful regulation adopted under it;
(c) The licensee has failed to pay a tax as required pursuant to the provisions of chapter 363A or 363C of NRS;
(d) Any fact or condition exists which would have justified the Commissioner in denying the licensee’s original application for a license hereunder; or
(e) The applicant failed to open an office for the conduct of the business authorized under this chapter within 120 days after the date the license was issued, or has failed to remain open for the conduct of the business for a period of 120 days without good cause therefor.
4. Any revocation or suspension applies only to the license granted to a person for the particular office for which grounds for revocation or suspension exist.
5. An order suspending or revoking a license becomes effective 5 days after being entered unless the order specifies otherwise or a stay is granted.