Section 8-7A-15

Suspension and revocation.

(a) The commission, by order, may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate, with or without prior notice, if the commission finds that such an order is in the best interest of the public, and any of the following circumstances exist:

(1) The licensee has violated any provision of this chapter or a rule adopted or an order issued under this chapter.

(2) The licensee, or any authorized delegate, does not cooperate with an examination or investigation by the commission.

(3) The licensee, or any authorized delegate, engaged 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 willfully violates a rule adopted or an order issued under this chapter.

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

(6) The licensee becomes insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors.

(7) The licensee engages in an unsafe or unsound practice. In determining whether a licensee is engaging in an unsafe or unsound practice, the commission may consider the size and financial condition of the licensee's money transmission business, the magnitude of any losses, the severity of the violation of this chapter, and the previous disciplinary history of the person involved.

(b) The commission may issue an order suspending or revoking the designation of an authorized delegate, if the commission finds that such order is in the best interest of the public, and any of the following circumstances exist:

(1) The authorized delegate has violated any provision of this chapter or a rule adopted or an order issued under this chapter.

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

(3) The authorized delegate engaged 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 willfully violates a rule adopted or an order issued under this chapter.

(5) The competence, experience, character, or general fitness of the authorized delegate indicates that it is not in the public interest to permit the person to provide money transmission services.

(6) The authorized delegate engages in an unsafe or unsound practice. In determining whether a licensee is engaging in an unsafe or unsound practice, the commission may consider the size and financial condition of the licensee's money transmission business, magnitude of any losses, severity of the violation of this chapter, and previous disciplinary history of the person involved.

(Act 2017-389, §2.)