Sec 32-1053. Denial, revocation or suspension of license

A. The superintendent may deny a license to a person or suspend or revoke a license pursuant to title 41, chapter 6, article 10 if the superintendent finds that an applicant or licensee:

1. Is insolvent as defined in section 47-1201.

2. Has shown that the applicant or licensee is not a person of honesty, truthfulness or good character.

3. Has violated any applicable law, rule or order.

4. Has been convicted in any state of any felony or other crime involving breach of trust or dishonesty.

5. Has had an order entered against the applicant or licensee by an administrative agency of this state, the federal government or any other state of the United States and that order is based on conduct involving fraud, deceit or misrepresentation by the licensee or applicant.

6. Has made a material misstatement or omission on the application for a license or on any document required to be filed with the superintendent.

B. It is sufficient cause for the denial, suspension or revocation of a license if an officer, director, partner, employee or controlling person of the collection agency has acted or failed to act in a manner that would be cause for denial, suspension or revocation of a license. For purposes of this subsection, "controlling person" means a person who owns more than a twenty per cent equity interest in the collection agency and has the power to actively participate in the conduct of the collection agency.