2006 Minnesota Statutes

64B.31 SUSPENSION, REVOCATION, OR REFUSAL OF LICENSE OF FOREIGN OR
ALIEN SOCIETY.
    Subdivision 1. Grounds for revocation. When the commissioner upon investigation finds
that a foreign or alien society transacting or applying to transact business in this state:
(1) has exceeded its powers;
(2) has failed to comply with any of the provisions of this chapter;
(3) is not fulfilling its contracts in good faith; or
(4) is conducting its business fraudulently or in a manner hazardous to its members or
creditors or the public,
the commissioner shall notify the society of the deficiency or deficiencies and state in writing the
reasons for dissatisfaction. The commissioner shall at once issue a written notice to the society
requiring that the deficiency or deficiencies which exist are corrected. After the notice the society
shall have a 30-day period in which to comply with the commissioner's request for correction,
and if the society fails to comply the commissioner shall notify the society of the findings of
noncompliance and require the society to show cause on a date named why its license should not
be suspended, revoked, or refused. If on the date the society does not present good and sufficient
reason why its authority to do business in this state should not be suspended, revoked, or refused,
the commissioner may suspend or refuse the license of the society to do business in this state until
satisfactory evidence is furnished to the commissioner that the suspension or refusal should be
withdrawn or the commissioner may revoke the authority of the society to do business in this state.
    Subd. 2. Continuance of contracts. Nothing contained in this section shall be taken or
construed as preventing any society from continuing in good faith all contracts made in this state
during the time the society was legally authorized to transact business herein.
History: 1985 c 49 s 31; 1986 c 444