Section 10. Reasons for denial, suspension, revocation or
refusal.
The department may deny, suspend, revoke or refuse to renew a license for the following reasons, if committed by the applicant or one of its owners, officers, directors, principals or agents:
(1) Made a material misstatement in the license
application or any other submission required by this act or
the department.
(2) Failed to comply with or violated any provision of
this act or any regulation, order or statement of policy
issued by the department under this act.
(3) Engaged in unfair or unethical conduct in connection
with the debt management services business.
(4) Does not possess the financial responsibility,
character, reputation, integrity and general fitness
sufficient to warrant the belief that the debt management
services business will be conducted lawfully, honestly and in
the public interest.
(5) Been convicted of or pleaded guilty or nolo
contendere to a crime of moral turpitude or to an offense
graded as a felony.
(6) Been enjoined by a court of competent jurisdiction
from engaging in the business of debt management services.
(7) Has had a license issued by the department denied,
not renewed, suspended or revoked.
(8) Became the subject of a United States Postal Service
fraud order.
(9) Demonstrated negligence or incompetence in
performing an act for which the applicant is required to hold
a license under this act.
(10) Has an outstanding debt to the Commonwealth or any
Commonwealth agency.
(11) Has failed to maintain the bond required under
section 7.
(12) Becomes 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 is
in such financial condition that the applicant or licensee
cannot continue in business with safety to the customers of
the applicant or licensee.
(13) Has failed to disburse a consumer's payments to
creditors in a timely manner as agreed to under a debt
management services agreement for any reason other than the
consumer's failure to make the agreed-to payments to the
licensee or because such disbursement would constitute a
violation of applicable law or an order issued by a court or
administrative body of competent jurisdiction.