TITLE 7 BANKING AND FINANCE

Section 3. Industrial Loans, 7-3-1 through 7-3-29.

ARTICLE 13 LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS

7-3-24. Suspension or revocation of license - Grounds; procedure; effect of loss of license on contracts.

1. The Commissioner, upon ten days' written notice in the form of a show cause order to the licensee stating his contemplated action and in general the ground therefor and after giving the licensee a reasonable opportunity to be heard, subject to the right to review provided in Code Section 7-3-27, may by order in writing suspend or revoke any license issued under this chapter if the Commissioner shall find that:
   1. The licensee has failed to pay the annual license fee or any fee required under this chapter; or
   2. The licensee has violated any provision of this chapter or any rule or regulation promulgated by the Commissioner under this chapter or has violated the terms of any cease or desist order entered by the Commissioner under Code Section 7-3-23.
2. Any such suspension or revocation shall not become final pending and subject to the right of review provided in Code Section 7-3-27, but the court shall have and is granted power to enter such order as justice shall require pending hearing of such appeal. The court upon such appeal may tax the cost, including the cost of the hearing before the Commissioner, against the losing party.
3. No suspension, revocation, relinquishment, or expiration of any license shall invalidate, impair, or affect the legality or obligations of any preexisting contracts or prevent the enforcement and collection thereof.

(Ga. L. 1904, p. 79, §§ 4, 9, 15; Ga. L. 1920, p. 215, § 6; Code 1933, §§ 25-212, 25-217, 25-305, 25-306; Ga. L. 1955, p. 431, § 12; Ga. L. 1963, p. 370, § 4; Ga. L. 1989, p. 14, § 7.)