Discontinuance of licensee’s business: Notice; surrender of license; order of Commissioner; possession of business and property by Commissioner; appointment of receiver

1. Within 5 days after a discontinuance of a licensee’s business, the licensee shall inform the Commissioner of the discontinuance and shall surrender his or her license for cancellation. 2. If, as a result of any investigation, hearing, report or examination, the Commissioner finds that a licensee is insolvent or is conducting his or her business in such a manner as to render the licensee’s further operations hazardous to the public, the Commissioner may, through an order served by registered or certified mail upon the licensee and any person possessing money of the licensee or the licensee’s customers, require the immediate discontinuance of the disbursement of the money and the cessation of the licensee’s business. The order remains in effect until: (a) It is set aside, in whole or in part, by the Commissioner; (b) The licensee has been adjudged a bankrupt; or (c) A receiver for the licensee has been appointed by a court of competent jurisdiction. 3. If a court does not have jurisdiction over the licensee, the Commissioner may take possession of the licensee’s business and property until the licensee complies with the requirements of the Commissioner for resumption of business or the licensee’s affairs are finally liquidated. 4. Whenever the Commissioner takes possession of a licensee’s business and property, the Commissioner may petition the court for appointment of a receiver to liquidate the affairs of the licensee.