40-22-121. Suspension or revocation of authorized delegates.
(a) The commissioner may issue an order to the licensee suspending or revoking the designation of an authorized delegate or subdelegate if the commissioner finds that:
(i) The authorized delegate or subdelegate violated this act or a rule adopted or an order issued under this act;
(ii) The authorized delegate or subdelegate has not cooperated with an examination or investigation by the commissioner;
(iii) The authorized delegate or subdelegate has engaged in fraud, intentional misrepresentation or gross negligence;
(iv) The authorized delegate or subdelegate has been convicted of a violation of a state or federal money laundering statute;
(v) The competence, experience, character or general fitness of the authorized delegate or subdelegate or a person in control of the authorized delegate or subdelegate indicates that it is not in the public interest to permit the authorized delegate or subdelegate to provide money transmission services; or
(vi) The authorized delegate or subdelegate has engaged in an unsafe or unsound practice.
(b) In determining whether an authorized delegate or subdelegate has engaged in an unsafe or unsound practice the commissioner may consider the size and condition of the authorized delegate's or subdelegate's provision of money services, the magnitude of the loss, the gravity of the violation of this act and the previous conduct of the authorized delegate or subdelegate.
(c) An authorized delegate or subdelegate may apply for relief from a suspension or revocation designation as an authorized delegate or subdelegate according to procedures prescribed by the commissioner.
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