A. The Commission may revoke a license issued under this chapter:
1. If it reasonably determines that (i) a licensee is engaging in one or more unsafe or unsound practices, (ii) a licensee may be unable to perform its obligations, or (iii) a licensee has willfully failed without reasonable cause to pay or provide for the payment of any of its obligations; or
b. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of the licensee’s business;
c. Conviction of a felony or misdemeanor involving fraud, misrepresentation, or deceit;
d. Entry of a judgment against such licensee involving fraud, misrepresentation, or deceit;
e. Entry of a federal or state administrative order against such licensee for violation of any law or any regulation applicable to the conduct of his business;
f. Refusal to permit an investigation or examination by the Commission;
g. Failure to pay any fee or assessment imposed by this chapter; or
B. For the purposes of this section, acts of any officer, director, member, partner, or principal shall be deemed acts of the licensee.
History
1974, c. 578, § 6.1-374; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009, c. 346; 2010, c. 794; 2014, c. 454.