[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR223.17]

[Page 71]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 223--SURETY COMPANIES DOING BUSINESS WITH THE UNITED STATES--Table of Contents
 
Sec. 223.17  Revocation.

    Whenever it appears that a company is not complying with the 
requirements of 6 U.S.C. 6-13 and of the regulations in this part, the 
Secretary of the Treasury will:
    (a) In all cases notify the company of the facts or conduct which 
indicate such failure, and provide opportunity to the company to 
respond, and
    (b) In those cases where the public interest in the constant 
financial stability of such a company allows, also provide opportunity 
to the company to demonstrate or achieve compliance with those 
requirements. The Secretary shall revoke a company's certificate of 
authority with advice to it if:
    (1) The company does not respond satisfactorily to his notification 
of noncompliance, or
    (2) The company, provided an opportunity to demonstrate or achieve 
compliance, fails to do so.

[34 FR 20189, Dec. 24, 1969. Redesignated at 38 FR 22779, Aug. 24, 1973, 
as amended at 42 FR 8637, Feb. 11, 1977]