§ 35-11-705 — Suspension and revocation of authorized delegates.

(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 chapter or a regulation or an order issued pursuant to this chapter; (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) 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 services; or (6) authorized delegate is engaging in an unsafe or unsound practice. (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 services, the magnitude of the loss, the gravity of the violation of this chapter or a regulation or order issued pursuant to this chapter, and the previous conduct of the authorized delegate. (C) The Commissioner shall issue a formal written notice of the suspension or revocation. The Commissioner shall set forth in the order the specific reasons for the suspension or revocation. An authorized delegate may request a hearing within thirty days after receipt of the written notice of suspension or revocation pursuant to Section 35-11-710.

Legislative History

HISTORY: 2016 Act No. 266 (H.4554), SECTION 1, eff May 25, 2018; 2024 Act No. 218 (S.1031), SECTION 1, eff July 2, 2024. Effect of Amendment 2024 Act No. 218, SECTION 1, substituted "Commissioner" for "commissioner" throughout the section; in (A)(1) and in (B), substituted "regulation" for "rule adopted"; and rewrote (C).