Maine Revised Statutes Title 32 Sec. 6111 – Extraordinary reporting requirements
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1. Written report. Within 15 days of the occurrence of any one of the events listed below, a licensee shall file a written report with the administrator describing the event and its expected impact on the licensee’s activities in the State:
A. The filing for bankruptcy or reorganization by the licensee; [PL 1997, c. 155, Pt. A, §2 (NEW).]
B. The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee’s money transmission activities; [PL 1997, c. 155, Pt. A, §2 (NEW).]
C. A felony indictment of the licensee or any of its executive officers or directors related to money transmission activities; or [PL 1997, c. 155, Pt. A, §2 (NEW).]
D. A felony conviction of the licensee or any of its executive officers or directors related to money transmission activities. [PL 1997, c. 155, Pt. A, §2 (NEW).]
[PL 1997, c. 155, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 1997, c. 155, §A2 (NEW).
Terms Used In Maine Revised Statutes Title 32 Sec. 6111
- Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 32 Sec. 6102
- 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.
- Conviction: A judgement of guilt against a criminal defendant.
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Licensee: means a person licensed under this subchapter. See Maine Revised Statutes Title 32 Sec. 6102
- Money transmission: means the business of selling or issuing payment instruments or the business of receiving money, including virtual currencies, for transmission or transmitting money, including virtual currencies, within the United States or to locations abroad by any means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer. See Maine Revised Statutes Title 32 Sec. 6102