                                 CODE OF VIRGINIA

REFUSAL TO ISSUE AND REVOCATION OF LICENSE; HEARING; NEW APPLICATION (§
38.2-1857.8)

A. If the Commission is of the opinion that any applicant for a surplus lines
broker&#8217;s license is not of good character or does not have a good
reputation for honesty, it may refuse to issue the license, subject to the right
of the applicant to demand a hearing on the application. The Commission shall
not revoke or suspend an existing license until the licensee is given an
opportunity to be heard before the Commission. If the Commission refuses to
issue a new license or proposes to revoke or suspend an existing license, it
shall give the applicant or licensee at least ten calendar days&#8217; notice in
writing of the time and place of the hearing, if a hearing is requested. The
notice shall contain a statement of the objections to the issuance of the
license, or the reason for its proposed revocation or suspension as the case may
be. The notice may be given to the applicant or licensee by registered or
certified mail, sent to the last known address of record pursuant to &#xA7;
38.2-1857.5, or the last known business address if the address of record is
incorrect, or in any other lawful manner the Commission prescribes. The
Commission may summon witnesses to testify with respect to the applicant or
licensee, and the applicant or licensee may introduce evidence in his or its
behalf. No applicant to whom a license is refused after a hearing, nor any
licensee whose license is revoked, shall again apply for a license until the
expiration of a period of five years from the date of the Commission&#8217;s
order, or such other period of time as the Commission prescribes in its order.

B. The license of a business entity may be suspended, revoked or refused if the
Commission finds, after notice and an opportunity to be heard, that a violation
by an individual licensee acting at the direction of, on behalf of, or with the
permission of the business entity was known to be a violation by one or more of
the partners, officers or managers acting on behalf of the business entity, and
the violation was neither reported to the Commission nor corrective action
taken.

C. In addition to or in lieu of any applicable denial, suspension or revocation
of a license, a person may, after notice and an opportunity to be heard, be
subject to a penalty pursuant to &#xA7; 38.2-218.

D. The Commission shall retain the authority to enforce the provisions of and
impose any penalty or remedy authorized by this title against any person who is
under investigation for or charged with a violation of this title, even if the
person&#8217;s license or registration has been surrendered, terminated,
suspended, revoked, or has lapsed by operation of law.

HISTORY: 2001, c. 706.