§ 11-110-1101 — Suspension and revocation of license

(1) The banking board
may suspend or revoke a license or order a licensee to revoke the designation of an
authorized delegate if:

(a) The licensee violates this article 110 or a rule adopted or an order issued
under this article 110;

(b) The licensee does not cooperate with an examination or investigation by
the board;

(c) The licensee engages in fraud, intentional misrepresentation, or gross
negligence;

(d) An authorized delegate is convicted of a violation of a state or federal
anti-money laundering statute, or violates a rule adopted or an order issued under
this article 110, as a result of the licensee's willful misconduct or willful blindness;

(e) The competence, experience, character, or general fitness of the
licensee, authorized delegate, person in control of the licensee, key individual, or
responsible person of the authorized delegate indicates that it is not in the public
interest to permit the person to provide money transmission;

(f) The licensee engages in an unsafe or unsound practice;

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

(h) The licensee does not remove an authorized delegate after the board
issues and serves upon the licensee a final order, including a finding that the
authorized delegate has violated this article 110.

(2) In determining whether a licensee is engaging in an unsafe or unsound
practice, the banking board may consider the size and condition of the licensee's
money transmission, the magnitude of the loss, the gravity of the violation of this
article 110 or a rule adopted or order issued under this article 110, and the previous
conduct of the person involved.

Legislative History

Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 409, � 1, effective August 6.