(a) The commissioner may suspend or revoke a license issued pursuant to this chapter if the commissioner finds that:\n(1) the licensee has violated this chapter or any rule or regulation adopted hereunder, or any other law applicable to the conduct of its business; or\n(2) any fact or condition exists which, if it had existed at the time of the original application for the license, would have warranted the commissioner in refusing to issue the license.\n(b) Except as provided in section 7, a license shall not be revoked or suspended except after notice and a hearing thereon pursuant to chapter 30A.\n(c) A licensee may surrender a license by delivering to the commissioner written notice that it thereby surrenders the license, but the surrender shall not affect the civil or criminal liability of the licensee for acts committed before the surrender.\n(d) A revocation, suspension or surrender of any license shall not impair or affect the obligation of any pre-existing lawful contract between the licensee and another person.
Massachusetts Legal Code