Sec. 06.55.601. Suspension and revocation; receivership.

304 words·~1 min read·/ak/title-6/chapter-55/06-55-601

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The department may suspend or revoke a money services license, place a money services licensee in receivership, or order a money services licensee to revoke the designation of an authorized delegate if

(1)the money services licensee violates this chapter or a regulation adopted or an order issued under this chapter;

(2)the money services licensee does not cooperate with an examination or investigation by the department;

(3)the money services licensee engages in fraud, intentional misrepresentation, or gross negligence;

(4)an authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or violates a regulation adopted or an order issued under this chapter, as a result of the money services licensee's wilful misconduct or wilful blindness;

(5)the competence, experience, character, or general fitness of the money services licensee, authorized delegate, person in control of a money services licensee, or responsible person of the money services licensee or authorized delegate indicates that it is not in the public interest to permit the person to provide money services;

(6)the money services licensee engages in an unsafe or unsound practice;

(7)the money services licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors; or

(8)the money services licensee does not remove an authorized delegate after the department issues and serves upon the money services licensee a final order including a finding that the authorized delegate has violated this chapter.

(b)In determining whether a money services licensee is engaging in an unsafe or unsound practice, the department may consider the size and condition of the money services licensee's money transmission, the magnitude of the loss, the gravity of the violation of this chapter, and the previous conduct of the person involved.