SECTION 85:15-11-1. 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 the Act;

(2)   the licensee does not cooperate with an examination or investigation by the Commissioner or the Commissioner's designee;

(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 the 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;

(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 the Act; or

(9)   a material misstatement of fact in an initial or renewal application, the loss of license in another jurisdiction (due to fraud or dishonest dealing) and criminal convictions involving fraud or dishonest dealing as grounds for license denial, suspension or non-renewal.

(b)   In determining whether a licensee is engaging in an unsafe or unsound practice, the Commissioner may consider the size and condition of the licensee's money transmission, the magnitude of the loss, the gravity of the violation of the Act, and the previous conduct of the person involved.

[Source: Added at 24 Ok Reg 843, eff 5-11-07]