records - Penalty. All corporations and limited liability companies, and all officers, managers, agents, and employees of all corporations and limited liability companies, licensed or authorized to do business within this state by any licensing or supervisory authority of this state shall be required to obey all subpoenas and orders to produce issued by the authority of the board of managers at any place within the county where they may have their principal office or any other office which may have evidence, records and documents desired by the board of managers, whether within or without the state, and in case of the failure or refusal of any such corporation or limited liability company or any of its officers, managers, agents, or servants to obey any such subpoena or order to produce, or to appear and testify under oath or affirmation concerning the matters requested, the board of managers shall forthwith make a report of the facts of such failure or refusal to the supervising or licensing authority of this state, and it shall thereupon be the mandatory duty of such supervisory or licensing authority or officer to give said corporation or limited liability company ten days' notice in writing by registered or certified mail of the authority's or officer's intention to cancel the license or authority of said corporation or limited liability company to do business within this state, and at the expiration of said ten -day period said licensing or supervisory authority shall hear evidence only upon the question of the failure or refusal to obey such subpoena or order to produce, and if the evidence shall show such refusal or failure, the license and authority of said corporation or limited liability company to do business in this state shall be forthwith canceled and revoked.
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