A. The director may suspend or revoke a license if:

Terms Used In Arizona Laws 6-1231

  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Authorized delegate: means a person that a licensee designates to engage in money transmission on behalf of the licensee. See Arizona Laws 6-1201
  • 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

  • Fraud: Intentional deception resulting in injury to another.
  • 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
  • Statute: A law passed by a legislature.

1. The licensee violates this article.

2. The licensee does not cooperate with an examination or investigation by the director.

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 this article as a result of the licensee’s wilful misconduct.

5. The competence, experience, character or general fitness of the licensee, person in control of a licensee or key individual indicates that it is not in the public interest to allow the person to provide money transmission.

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 director issues and serves on the licensee a final order that includes a finding that the authorized delegate has violated this article.

9. The licensee has made a material misstatement or suppressed or withheld information on an application for a license or any document required to be filed with the director.

B. In determining whether a licensee is engaging in an unsafe or unsound practice, the director may consider the size and condition of the licensee’s money transmission, the magnitude of the loss, the gravity of the violation of this article and the previous conduct of the licensee.

C. A licensee may appeal any suspension or revocation pursuant to Title 41, Chapter 6, Article 10.

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