South Carolina Code 35-11-705. Suspension and revocation of authorized delegates
(1) authorized delegate violated this chapter or a rule adopted or an order issued pursuant to this chapter;
Terms Used In South Carolina Code 35-11-705
- Authorized delegate: means a person a licensee designates to provide money services on behalf of the licensee. See South Carolina Code 35-11-105
- Commissioner: means the South Carolina Attorney General. See South Carolina Code 35-11-105
- Control: means :
(a) ownership of, or the power to vote, directly or indirectly, at least twenty-five percent of a class of voting securities or voting interests of a licensee or person in control of a licensee;
(b) power to elect a majority of executive officers, managers, directors, trustees, or other persons exercising managerial authority of a licensee or person in control of a licensee; or
(c) power to exercise directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee. See South Carolina Code 35-11-105 - Fraud: Intentional deception resulting in injury to another.
- Money: means a medium of exchange that is authorized or adopted by the United States or a foreign government. See South Carolina Code 35-11-105
- Money services: means money transmission or currency exchange. See South Carolina Code 35-11-105
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited-liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation, or another legal or commercial entity. See South Carolina Code 35-11-105
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or a territory or insular possession subject to the jurisdiction of the United States. See South Carolina Code 35-11-105
- Statute: A law passed by a legislature.
- Unsafe or unsound practice: means a practice or conduct by a person licensed to engage in money transmission or an authorized delegate of such a person, which creates the likelihood of material loss, insolvency, or dissipation of the licensee's assets, or otherwise materially prejudices the interests of its customers. See South Carolina Code 35-11-105
(2) authorized delegate did not cooperate with an examination or investigation by the commissioner;
(3) authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence;
(4) authorized delegate is convicted of a violation of a state or federal anti-money laundering statute;
(5) competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services; or
(6) authorized delegate is engaging in an unsafe or unsound practice.
(B) In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the authorized delegate’s provision of money services, the magnitude of the loss, the gravity of the violation of this chapter or a rule adopted or order issued pursuant to this chapter, and the previous conduct of the authorized delegate.
(C) An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the commissioner.