8-2735. Authorized delegate; suspend or revoke designation; grounds; relief.

236 words·~1 min read·/ne/chapter-8/8-2735

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

(1)The director may issue an order suspending or revoking the designation of an authorized delegate if the director finds that:

(a)The authorized delegate violated the Nebraska Money Transmitters Act or a rule or regulation adopted and promulgated or an order issued under the act;

(b)The authorized delegate did not cooperate with an examination or investigation by the director;

(c)The authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence;

(d)The authorized delegate is convicted of a violation of a state or federal anti-money-laundering statute;

(e)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

(f)The authorized delegate is engaging in an unsafe or unsound practice.

(2)In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the director 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 the Nebraska Money Transmitters Act or a rule or regulation adopted and promulgated or order issued under the act, and the previous conduct of the authorized delegate.

(3)An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the director.