(a) The Superintendent [Commissioner] may revoke any license issued pursuant to this chapter if, after notice and a hearing, the Superintendent [Commissioner] finds that the licensee has:
(1) Committed any fraudulent acts, engaged in any dishonest activities, or made any misrepresentation in any business transaction;
(2) Been convicted of a felony under the laws of the District or the laws of any state or the United States;
(3) Violated any provisions of the banking laws of the District or any rules or regulations promulgated thereunder, or has violated any other law in the course of dealings as a licensee;
(4) Made a material misstatement in the application for a license under this chapter;
(5) Demonstrated incompetency or untrustworthiness to act as a licensee;
(6) Violated any provision of this chapter or of any implementing regulation; or
(b) A hearing for the purposes of this section shall be held in accordance with subchapter I of Chapter 5 of Title 2. Pending a hearing for the revocation of any license issued pursuant to this chapter, the Superintendent [Commissioner] may suspend the license for a period not to exceed 30 days if the Superintendent [Commissioner] determines that such a suspension is in the public interest and that one or more grounds for revocation of a license, as set forth in subsection (a) of this section, exist.
(c) Whenever the Superintendent [Commissioner] suspends or revokes a license issued pursuant to this chapter, the Superintendent [Commissioner] shall immediately execute a written order stating the grounds for the suspension or revocation. On the date the order is executed, the Superintendent [Commissioner] shall serve a copy thereof on the licensee either personally or by mailing the same to the last known address of the licensee.
1981 Ed., § 26-1116.