Page:United States Statutes at Large Volume 80 Part 1.djvu/163

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[80 STAT. 127]
[80 STAT. 127]
PUBLIC LAW 89-000—MMMM. DD, 1966

80 STAT. ]

PUBLIC LAW 89-403-APRIL 18, 1966

127

"SEC. 5J:. Acxiox BY SUPERINTENDENT ON APPLICATION.—(a) Upon

the filing of an application and the payment of the license fee the Superintendent shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this chapter. If the Superintendent does not so find, he shall, within Hearing. thirty days after he has received such application, at the request of the applicant, give the applicant a full hearing. " (b) The Superintendent shall issue or renew a license as may be ^ L i c e n srenev^al. ^^ or e i s s u ance applied for when he is satisfied that the person to be licensed— proJisi'on's " (1) is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for, "(2) has a good business reputation and has had experience, training, or education so as to be qualified in the business for which the license is applied for, and " (3) if a corporation, is a corporation incorporated under the laws of the District or a foreign corporation authorized to transact business in the District. "SEC.

55. REVOCATION AND SUSPENSION

OF LICENSES.— (a)

The

Superintendent may revoke or suspend the license of any premium finance company when and if after investigation it appears to the Superintendent that— " ^1) any license issued to such company was obtained by fraud, " (2) there was any misrepresentation in the application for the license, "(3) the holder of such license has otherwise shown himself untrustworthy or incompetent to act as a premium finance company, "(4) such company has violated any of the provisions of this chapter, or " (5) such company has been rebating part of the service charge as allowed and permitted herein to any insurance agent or any employee of an insurance agent or to any other person as an inducement to the financing of any insurance policy with the premium finance company. " (b) Before the Superintendent shall revoke, suspend, or refuse Hearing. to reneM' the license of any premium finance company, he shall give to such person an opportunity to be fully heard and to introduce evidence in his behalf. I n lieu of revoking or suspending the license Penalty. for any of the causes enumerated in this section, after hearing as herein provided, the Superintendent may subject such company to a penalty of not more than $200 for each offense when in his j u d ^ e n t he finds that the public interest would not be harmed by the continued operation of such company. The amount of any such penalty shall be paid by such company through the office of the Superintendent to the District of Columbia Treasurer. A t any hearing provided by this section, the Superintendent shall have authority to administer oaths to witnesses. Anyone testifying falsely, after having been administered such oath, shall be subject to the penalty of perjury. "(c) If the Superintendent refuses to issue or renew any license or if any applicant or licensee is aggrieved by any action of the Superintendent, said applicant or licensee shall have the right to a hearing and court proceeding as provided for in sections 35, 44, and 45 of this Act.

72 Stat. 2 5;

"SEC. 56. BOOKS AND RECORD.— (a) Every licensee shall maintain ^Dx^.*"ciderssrecords of its premium finance transactions and the said records shall 1339; 35-1348, be open to examination and investigation by the Superintendent. The 35-1349. Superintendent may at any time require any licensee to bring such records as he may direct to the Superintendent's office for examination.