An affirmative finding by the District Court of either cause shall be is sufficient to suspend or revoke the license or registration.

1-A. The administrator may refuse to renew a license or registration, after notice and opportunity for a hearing has been provided to the licensee or registrant, for any of the reasons set forth in subsection 1.

2. No revocation or suspension of a license shall impair or registration impairs or affect affects the obligation of any preexisting lawful contract between the licensee or registrant and any debtor.

3. The administrator may reinstate a license, terminate a suspension or grant a new license or registration to a person whose license or registration has been revoked if no fact or condition then exists which that clearly would have justified the administrator in refusing to grant a license or registration.

4. No revocation, suspension, annulment or withdrawal of a license or registration is lawful unless, prior to the institution of proceedings by the administrator, he the administrator gave notice by mail to the licensee or registrant of facts or conduct which that warrant the intended action, and the licensee or registrant was given an opportunity to show compliance with all lawful requirements for the retention of the license or registration.

Sec. 7. 9-A MRSA §2-303-A, as enacted by PL 2001, c. 371, §4, is amended to read:

§2-303-A. Temporary suspension of license or registration

Notwithstanding Title 5, sections 10003 and 10004 and Title 10, section 8003, if the public interest or the protection of borrowers so requires, the administrator may, by order, suspend a license to make supervised loans or registration as a loan officer or postpone the effective date of such a license or registration. Upon entry of the order, the administrator shall promptly notify the applicant or, licensee or registrant that an order has been entered, of the reasons for the order and that, within 15 days after the receipt of a written request by the applicant or, licensee or registrant, the matter must be scheduled for hearing. Section 2-303 applies to all subsequent proceedings.