Section 642. Action by superintendent

1. Upon the filing of an application,
  and  the  payment  of  the  fees  for  investigation  and  license,  the
  superintendent   shall   investigate   the   financial   condition   and
  responsibility, financial and business experience, character and general
  fitness  of  the  applicant  and,  if  the  superintendent  finds  these
  qualities are such  as  to  warrant  the  belief  that  the  applicant's
  business  will  be  conducted honestly, fairly, equitably, carefully and
  efficiently within the purposes and intent of this  article,  and  in  a
  manner  commanding  the  confidence  and  trust  of  the  community, the
  superintendent shall advise the applicant in writing of his  conditional
  approval  of  the  application,  and  thereafter  upon compliance by the
  applicant with the provisions of section six hundred forty-three of this
  article, shall issue to  the  applicant  a  license  to  engage  in  the
  business  of  selling  and  issuing  checks,  and of receiving money for
  transmission and transmitting the same, subject  to  the  provisions  of
  this  article; or the superintendent may deny the application and return
  the license fee to the applicant.
    2. The  superintendent  shall  approve  conditionally  or  deny  every
  application  for  a license hereunder within ninety days from the filing
  thereof. Such period of ninety days may  be  extended,  by  the  written
  consent  of the applicant, for such additional reasonable period of time
  as may be required to  enable  compliance  with  such  requirements  and
  conditions  as  may  be  provided  by  this  article  and  the  rules or
  regulations of the superintendent issued thereunder.
    3. A license issued pursuant to this  article  shall  remain  in  full
  force  and  effect until it is surrendered by the licensee or revoked or
  suspended as provided in this article.
    4. The superintendent may suspend or revoke a license on any ground on
  which he might refuse to issue an original license, or for  a  violation
  of  any  provision  of  this chapter or any regulation issued under this
  article, or for failure of the licensee to pay a judgment, recovered  in
  any court, within or without this state, by a claimant or creditor in an
  action  arising  out of the licensee's business in this state of selling
  or issuing checks or of receiving money for transmission or transmitting
  the same, within thirty days after the judgment becomes final or  within
  thirty  days  after  expiration  or  termination  of a stay of execution
  thereon; provided, however, that if execution on the judgment be stayed,
  by court order or operation of law or  otherwise,  then  proceedings  to
  suspend  or  revoke the license (for failure of the licensee to pay such
  judgment) may not be commenced by the superintendent during the time  of
  such stay, and for thirty days thereafter.
    5.  No  license  shall  be suspended or revoked except after a hearing
  thereon. The superintendent shall give the licensee at least  ten  days'
  written  notice  of  the time and place of such hearing by registered or
  certified mail addressed to the principal  place  of  business  of  such
  licensee.  Any  order  of the superintendent suspending or revoking such
  license shall state the grounds upon which it is based and shall not  be
  effective  until  ten days after written notice thereof has been sent by
  registered or certified mail to the licensee at such principal place  of
  business,  except  that  revocation by reason of the licensee's bond not
  being kept in full force and effect as required by this article,  or  by
  reason  of  failure to keep on deposit sufficient securities or funds as
  required  by  this  article,  may  take  effect   immediately   if   the
  superintendent so orders.
    6.  The  superintendent  may, on good cause shown, or where there is a
  substantial risk of public harm, suspend any license issued pursuant  to
  this   article   for   a  period  not  exceeding  thirty  days,  pending
  investigation. "Good cause", as used in this  subdivision,  shall  exist

  only  when  the  licensee  has  defaulted  or  is  likely  to default in
  performing  its  financial  engagements  or  engages  in  dishonest   or
  inequitable  practices  which  may cause substantial harm to the persons
  afforded the protection of this article.