Kansas § 9-591 Suspension or revocation of the designation of an authorized delegate, reasons or circumstances therefor

Kansas Statutes

§ 9-591 — Suspension or revocation of the designation of an authorized delegate, reasons or circumstances therefor

Kansas·Ch. 9 BANKS AND BANKING; TRUST COMPANIES·Art. 5 MISCELLANEOUS PROVISIONS

(a)The commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the commissioner finds that the:

(1)Authorized delegate violated this act or any rules and regulations adopted or an order issued under this act;

(2)authorized delegate did not cooperate with an examination or investigation by the commissioner;

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

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

(5)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 transmiss

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(a) The commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the commissioner finds that the:
(1) Authorized delegate violated this act or any rules and regulations adopted or an order issued under this act;
(2) authorized delegate did not cooperate with an examination or investigation by the commissioner;
(3) authorized delegate engaged in fraud, intentional misrepresentation or gross negligence;
(4) authorized delegate is convicted of a violation of a state or federal anti-money laundering statute;
(5) 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
(6) the authorized delegate is engaging in an unsafe or unsound practice as determined by the commissioner pursuant to subsection (b).
(b) In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the commissioner 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 act or any rules and regulations adopted or an order issued under this act and the previous conduct of the authorized delegate.
(c) An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the commissioner in rules and regulations.
(d) This section shall take effect on and after January 1, 2025.

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