53B.48 REPORTS OF CERTAIN EVENTS.

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

(a)A licensee must file a report with the commissioner within ten business days after the licensee has reason to know any of the following events has occurred:

(1)a petition by or against the licensee under the United States Bankruptcy Code, United States Code, title 11, sections 101 to 110, as amended or recodified from time to time, for bankruptcy or reorganization has been filed;

(2)a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee's dissolution or reorganization, or the making of a general assignment for the benefit of the licensee's creditors has been filed; or

(3)a proceeding to revoke or suspend the licensee's license in a state or country in which the licensee engages in business or is licensed has been commenced.

(b)A licensee must file a report with the commissioner within ten business days after the licensee has reason to know any of the following events has occurred:

(1)the licensee or a key individual or person in control of the licensee is charged with or convicted of a felony related to money transmission activities; or

(2)an authorized delegate is charged with or convicted of a felony related to money transmission activities.