§ 6110.1. Suspension, revocation or refusal
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: January 3, 2017
Effective: January 3, 2017
7 P.S. § 6110.1
§ 6110.1. Suspension, revocation or refusal
(a) The department may suspend, revoke or refuse to renew a license issued under this act if any fact or condition exists or is discovered which, if it had existed or had been discovered at the time of filing of the application for the license, would have warranted the department's refusal to issue the license or if a licensee or director, officer, partner, employee or owner of a licensee has:
(8) Failed to comply with the requirements of this act to make and keep records prescribed by regulation, statement of policy or order of the department, to produce records required by the department or to file financial reports or other information that the department by regulation, statement of policy or order may require.
(10) Become insolvent, meaning that the liabilities of the applicant or licensee exceed the assets of the applicant or licensee or that the applicant or licensee cannot meet the obligations of the applicant or licensee as they mature or the applicant or licensee is in such financial condition that the applicant or licensee cannot continue in business with safety to the customers of the applicant or licensee.
Credits
1965, Sept. 2, P.L. 490, No. 249, § 10.1, added 2016, Nov. 3, P.L. 1002, No. 129, § 12, effective in 60 days [Jan. 3, 2017].
7 P.S. § 6110.1, PA ST 7 P.S. § 6110.1
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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