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    Subdivision 1. Procedure. The commissioner may revoke, suspend or refuse to renew any
license issued hereunder, for cause as defined in this section. Revocation or refusal to renew
shall be upon notice and hearing as prescribed in the Minnesota Administrative Procedure Act,
Minnesota Statutes, sections 14.57 to 14.69. Said notice shall set a time for hearing before the
commissioner not less than 20 nor more than 30 days after service of such notice, provided, the
licensee may waive such 20 day minimum. The commissioner may, in such notice, suspend the
license for a period not to exceed 60 days. Unless the notice states that the license is suspended,
pending the determination of the main issue, the licensee may continue to transact business until
the final decision of the commissioner. If the license is so suspended, the commissioner shall hold
a hearing and render a final determination within 10 days of a request by the licensee. If the
commissioner fails to do so, the suspension shall terminate and be of no force or effect.
    Subd. 2. Cause. The commissioner may revoke, suspend and refuse to renew any license
hereunder on finding that:
(a) any licensee has failed to pay any fee required herein, or to maintain in effect the bond
required under the provisions of sections 332.12 to 332.29 or failed to comply with any order,
decision or finding of the commissioner made pursuant to and within the authority of sections
332.12 to 332.29; or that
(b) the licensee has violated any provisions of sections 332.12 to 332.29 or any rule or
direction lawfully made by the commissioner under and within the authority of sections 332.12 to
332.29; or that
(c) any material fact or condition exists which, if it had existed at the time of the original
application for a license, would have warranted the commissioner in refusing its issuance; or that
(d) any applicant or party to an application has made any false statement or representation to
the commissioner in applying for a license hereunder.
    Subd. 3. Notification of interested persons. After the notice and hearing required in
subdivision 1 hereof, upon issuing an order revoking a license, the commissioner may notify all
individuals who have contracts with the affected licensee and all creditors who have agreed to a
plan of forbearance that such license has been revoked and that said order is subject to appeal.
    Subd. 4. Receive funds of licensee. When an order is issued revoking or refusing to renew a
license, the commissioner shall apply to the district court for appointment of a receiver to receive
the assets of the licensee pending a final determination of the validity of said order.
History: 1969 c 1120 s 9; 1982 c 424 s 130; 1985 c 248 s 70; 1986 c 444; 1987 c 384 art 2 s 1

Official Publication of the State of Minnesota
Revisor of Statutes