A New York originator poses a substantial risk of public harm in 2026. What summary suspension power is available while the superintendent investigates the risk?
Correct Answer
C) Suspension without notice or hearing, for up to 90 days for investigation
The superintendent may, for good cause or where there is a substantial risk of public harm, without notice or a hearing, issue an order suspending the license of any originator for a period not to exceed ninety days for investigation. Other choices: this is the exception to the hearing requirement; and the period is 90 days rather than 30 or open-ended. Source: N.Y. Banking Law § 599-n(3)(a)
Why This Is the Correct Answer
The superintendent may, for good cause or where there is a substantial risk of public harm, without notice or a hearing, issue an order suspending the license of any originator for a period not to exceed ninety days for investigation. Other choices: this is the exception to the hearing requirement; and the period is 90 days rather than 30 or open-ended. Source: N.Y. Banking Law § 599-n(3)(a)
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