Ohio § 1321.08

§ 1321.08.

In accordance with Chapter 119. of the Revised Code: (A) The division of financial institutions shall, upon written notice to the licensee

stating the contemplated action and the grounds therefor, and upon reasonable opportunity

to be heard, suspend or revoke any license issued by the division if it finds that: (1) The licensee is in default in the payment of the annual license fee or assessment

prescribed in section 1321.20 of the Revised Code or has failed to comply with any order of the division made and entered under division (A) of section 1321.10 of the Revised Code ; (2) The licensee has continued to violate any of the provisions of sections 1321.01 to 1321.19 of the Revised Code or any rule promulgated under division (A) of section 1321.10 of the Revised Code after receiving notice of such violation or violations from the division; (3) Any fact or condition exists which if it had existed or had been known to exist at

the time of the original application for such license, which fact or condition was

not then known to the division, clearly would have warranted the division in refusing

originally to issue such license. (B) If the division finds that there exists probable cause for the suspension or revocation

of any license under division (A) of this section and that enforcement of sections 1321.01 to 1321.19 of the Revised Code requires immediate suspension of the license pending complete investigation, it may,

upon three days' written notice, and hearing, enter an order suspending the license

for a period not exceeding thirty days, during which period of suspension no loans

may be made under the license, but the licensee may receive payments on existing loans.  Upon completion of such investigation the division shall either reinstate the license

or further suspend the license for a further period or give the licensee notice of

the contemplated revocation of the license, the grounds for the revocation, and the

licensee's reasonable opportunity to be heard on the action in accordance with Chapter

119. of the Revised Code. (C) Any licensee may surrender any license by delivering it to the division with written

notice of its surrender.  Such surrender shall not affect the licensee's civil or criminal liability for acts

committed prior to the surrender. (D) No revocation or suspension of any license shall impair or affect the obligation

of any pre-existing lawful contract between the licensee and any borrower nor shall

such action affect the right of the licensee to collect the amounts due under the

contract, or to enforce the contract. (E) The division may reinstate or issue a new license to a person whose license has been

revoked if no fact or condition then exists which clearly would have warranted the

division in refusing originally to issue the license.