A. The director may suspend or revoke a license, place a licensee in receivership or order a licensee to revoke the designation of an authorized delegate if:

(1) the licensee violates the Uniform Money Services Act or a rule adopted or an order issued pursuant to that act;

(2) the licensee does not cooperate with an examination or investigation by the director;

(3) the licensee engages in fraud, intentional misrepresentation or gross negligence;

(4) 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 pursuant to the Uniform Money Services Act, as a result of the licensee's willful misconduct or willful blindness;

(5) the competence, experience, character or general fitness of the licensee, authorized delegate, person in control of a licensee or responsible person of the licensee or authorized delegate indicates that it is not in the public interest to permit the person to provide money services;

(6) the licensee engages in an unsafe or unsound practice;

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

(8) the licensee does not remove an authorized delegate after the director issues and serves upon the licensee a final order, including a finding that the authorized delegate has violated the Uniform Money Services Act.

B. In determining whether a licensee is engaging in an unsafe or unsound practice, the director may consider the size and condition of the licensee's money transmission, the magnitude of the loss, the gravity of the violation of the Uniform Money Services Act and the previous conduct of the person involved.

History: Laws 2016, ch. 88, § 801.

Effective dates. — Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.