9-513a.   Money transmitter; issuance of license;revocation of license, when.(a) The commissioner shall not issue a license unless thecommissioner is of the opinion that the person will be able to and will performits obligations to purchasers of money transmission services and purchasers,payees and holders of money orders sold by it and its agents, and that thefinancial responsibility, character, reputation, experience and general fitnessof the person, its senior officers, directors and principal stockholders aresuch to warrant belief that the business will be operated efficiently, fairlyand in the public interest.

      (b)   The commissioner may, after notice and an opportunity for a hearing,revoke a license if the commissioner finds:

      (1)   The person may be financially unable to perform its obligations or thatthe person has willfully failed without reasonable cause to pay or provide forpayment of any of its obligations related to the person's money transmissionbusiness;

      (2)   the person no longer meets a requirement for initial granting of alicense;

      (3)   the person or a senior officer, director or a stockholder who owns morethan 10% of the money transmission business' outstanding stock has beenconvicted of a crime involving fraud, dishonesty or deceit;

      (4)   there has been entry of a federal or state administrative order againstthe person for violation of any law or any regulation applicable to the conductof the person's money transmission business;

      (5)   a refusal by the person to permit an investigation by the commissioner;

      (6)   a failure to pay to the commissioner any fee required by this act; or

      (7)   a failure to comply with any order of the commissioner.

      History:   L. 2006, ch. 113, § 2; July 1.