Colorado § 11-110-1102 Suspension and revocation of authorized delegates

Colorado Statutes

§ 11-110-1102 — Suspension and revocation of authorized delegates

Colorado·Title 11 Financial·Art. Money Transmitters

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

(a)The authorized delegate violated this article 110 or a rule adopted or an order issued under this article 110;

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

(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

Free access — add to your briefcase to read the full text and ask questions with AI

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

(a) The authorized delegate violated this article 110 or a rule adopted or an
order issued under this article 110;

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

(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 banking board 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 article 110 or a rule adopted or order issued under
this article 110, 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 banking board by rule.

Colorado § 11-110-1102 (Suspension and revocation of authorized delegates) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.