Sec. 11-3. Suspension and revocation of authorized delegates.

404 words·~2 min read·/il/chapter-205/act-658/11-3

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(a)The Secretary may issue an order to suspend or revoke the designation of an authorized delegate, if the Secretary finds that:

(1)the authorized delegate has failed to comply with any provision of this Act or any

order, decision, finding, rule, regulation, or direction of the Secretary lawfully made pursuant to the authority of this Act;

(2)the authorized delegate does not cooperate with an examination or investigation by

the Secretary;

(3)the authorized delegate engages in fraud, intentional misrepresentation, or gross

negligence;

(4)the authorized delegate is convicted of a violation of a State or federal anti-money

laundering statute;

(5)the competence, experience, character, or general fitness of the authorized delegate

or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money transmission; or

(6)the authorized delegate engages in an unsafe or unsound practice.

(b)In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the Secretary may consider the size and condition of the authorized delegate's provision of money transmission, the magnitude of the loss, the gravity of the violation of this Act or a rule adopted or order issued under this Act, and the previous conduct of the authorized delegate.

(c)In every case in which the designation of an authorized delegate is suspended or revoked, the Secretary shall issue a formal written notice of the suspension or revocation, setting forth the specific reasons for the suspension or revocation of the designation and serve the authorized delegate, either personally or by certified mail. Service by certified mail shall be deemed completed when the notice is deposited into U.S. Mail and the order of suspension or revocation of a license shall take effect upon service of the order.

(d)An authorized delegate whose designation has been suspended or revoked by the Secretary under this Section may request a hearing, in writing, within 10 days after the date of service. If an authorized delegate submits a timely request for a hearing, the order shall be stayed until a final administrative order is entered and the Secretary shall schedule a hearing unless otherwise agreed to by the parties.

(e)The Secretary shall conduct hearings pursuant to this Section and in accordance with 38 Ill. Adm. Code 100, as amended or recodified from time to time.