23-55-801. Suspension and revocation.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-55-801. Suspension and revocation.

23-55-801. Suspension and revocation. (a) The commissioner may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if: (1) the licensee violates this chapter or a rule adopted or an order issued under this chapter; (2) the licensee does not cooperate with an examination or investigation by the commissioner; (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 under this chapter, 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; (8) the licensee does not remove an authorized delegate after the commissioner issues and serves upon the licensee a final order including a finding that the authorized delegate has violated this chapter; or (9) the licensee is the subject of an order, including a denial, suspension, or revocation, by this or any other state or federal authority that was entered against the person within the past 5 years, including without limitation the money services industry. (b) In determining whether a licensee is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of t

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-801

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.