Sec. 31.1. Summary suspensions: general provisions

(a) When the Superintendent of Financial Services finds that public health, safety or welfare imperatively requires emergency action, and incorporates a finding to that effect in such order, summary suspension of a license may be ordered, effective on the date specified in such order or upon service of a certified copy of such order on the licensee, whichever shall be later, pending proceedings for revocation or other action.

(b) An order of summary suspension may be served prior to, simultaneously with, or after the commencement of a proceeding seeking the suspension or revocation of a license.

(c) The order of summary suspension shall be served upon the holder of a license, either by personal service or in the manner prescribed by section 304 of the Financial Services Law and in accordance with section 401 of the State Administrative Procedure Act.