South Dakota § 51A-17-111 Suspension or revocation of an authorized delegate.

South Dakota Statutes

§ 51A-17-111 — Suspension or revocation of an authorized delegate.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-16 MONEY TRANSMISSION

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

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

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

(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

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(1) The director may issue an order suspending or revoking the designation of an authorized delegate, if the director finds that: (a) The authorized delegate violated this chapter or a rule adopted or an order issued under this chapter; (b) The authorized delegate did not cooperate with an examination or investigation by the director; (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 director 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 chapter or a rule adopted or order issued under this chapter, 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 director.

South Dakota § 51A-17-111 (Suspension or revocation of an authorized delegate.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.