Oklahoma Administrative Code
Title 85 - State Banking Department
Chapter 15 - Money Service Businesses
Subchapter 11 - Enforcement
Section 85:15-11-1 - Suspension and revocation
Universal Citation: OK Admin Code 85:15-11-1
Current through Vol. 42, No. 1, September 16, 2024
(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.
Added at 24 Ok Reg 843, eff 5-11-07
Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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