A. A licensee shall file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following:

Terms Used In Arizona Laws 6-1219

  • Authorized delegate: means a person that a licensee designates to engage in money transmission on behalf of the licensee. See Arizona Laws 6-1201
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Control: means :

    (a) The power to vote, directly or indirectly, at least twenty-five percent of the outstanding voting shares or voting interests of a licensee or person in control of a licensee. See Arizona Laws 6-1201

  • Conviction: A judgement of guilt against a criminal defendant.
  • Individual: means a natural person. See Arizona Laws 6-1201
  • Licensee: means a person licensed under this article. See Arizona Laws 6-1201
  • Person: means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation or other corporate entity identified by the director. See Arizona Laws 6-1201
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215

1. The filing of a petition by or against the licensee under the United States bankruptcy code (11 United States Code sections 101 through 112) for bankruptcy or reorganization.

2. The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization or the making of a general assignment for the benefit of its creditors.

3. The commencement of a proceeding to revoke or suspend the licensee’s license in a state or country in which the licensee engages in business or is licensed.

B. A licensee shall file a report with the director within three business days after the licensee has reason to know of the occurrence of either of the following:

1. A felony charge or conviction of the licensee or of a key individual or person in control of the licensee.

2. A felony charge or conviction of an authorized delegate.

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