Section 540.8 - Denial, revocation, suspension, or modification(a) Prior to the denial, revocation, suspension, or modification of a Certificate (Performance), the Commission shall notify the applicant of its intention to deny, revoke, suspend, or modify and shall include with the notice the reason(s) for such action. If the applicant, within 20 days after the receipt of such notice, requests a hearing to show that the evidence of financial responsibility filed with the Commission does meet the rules of this subpart, such hearing shall be granted by the Commission. Regardless of a hearing, a Certificate (Performance) shall become null and void upon cancellation or termination of the surety bond, evidence of insurance, guaranty, or escrow account.(b) A Certificate (Performance) may be denied, revoked, suspended, or modified for any of the following reasons:(1) Making any willfully false statement to the Commission in connection with an application for a Certificate (Performance);(2) Circumstances whereby the party does not qualify as financially responsible in accordance with the requirements of the Commission;(3) Failure to comply with or respond to lawful inquiries, requests for information, rules, regulations, or orders of the Commission pursuant to the rules of this subpart.(c) If the applicant, within 20 days after notice of the proposed denial, revocation, suspension, or modification under paragraph (b) of this section, requests a hearing to show that such denial, revocation, suspension, or modification should not take place, such hearing shall be granted by the Commission.49 FR 36313, Sept. 14, 1984, as amended at 78 FR 13278 , Feb. 27, 2013