Contents 489D-1 Short title 489D-2 Purpose 489D-3 License required 489D-4 Definitions 489D-5 Exclusions 489D-6 License qualifications 489D-6.2 Registration with NMLS 489D-7 Bond or other security device 489D-8 Permissible investments and statutory trust 489D-9 License and registration; application 489D-9.5 Limited exemption for financial institutions; financial institutions as authorized delegates 489D-10 Application and license fees 489D-11 Issuance of license; grounds for denial 489D-12 Renewal of license and annual report 489D-12.5 Penalties and other charges 489D-13 Licensee liability 489D-14 Extraordinary reporting requirements 489D-14.5 Name change 489D-15 Changes in control of a licensee 489D-16 Money laundering reports 489D-17 Examinations 489D-18 Maintenance of records 489D-19 Confidentiality of records 489D-20 Money transmitter receipts and refunds 489D-21 Authorized delegate contracts 489D-22 Authorized delegate; conduct 489D-22.5 Voluntary surrender of license 489D-23 Prohibited practices 489D-24 Suspension or revocation of licenses 489D-25 Suspension or revocation of authorized delegates 489D-26 Orders to cease and desist 489D-27 Consent orders 489D-28 Civil penalties 489D-29 Criminal penalties 489D-30 Unlicensed persons 489D-31 Administrative procedures 489D-32 Hearings 489D-33 Division functions 489D-34 Rules

     [§489D-24]  Suspension or revocation of licenses.  The commissioner may suspend or revoke a license if the commissioner finds that:

     (1)  Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the licensee's application;

     (2)  The licensee's net worth becomes inadequate and the licensee, after ten days written notice from the commissioner, fails to take steps as the commissioner deems necessary to remedy a deficiency;

     (3)  The licensee knowingly violates any material provision of this chapter or any rule or order validly adopted by the commissioner under authority of this chapter;

     (4)  The licensee is conducting its business in an unsafe or unsound manner;

     (5)  The licensee is insolvent;

     (6)  The licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted, in writing, its inability to pay its debts as they become due;

     (7)  The licensee has filed for bankruptcy, reorganization, arrangement, or other relief under any bankruptcy law;

     (8)  The licensee refuses to permit the commissioner to make any examination authorized by this chapter; or

     (9)  The competence, experience, character, or general fitness of the licensee indicates that it is not in the public interest to allow the licensee to have a license. [L 2006, c 153, pt of §1]