9-513a. Money transmitter; issuance of license; revocation of license, when. - Kansas Statutes

9-513a

Chapter 9.--BANKS AND BANKING; TRUST COMPANIES Article 5.--MISCELLANEOUS PROVISIONS

      9-513a.   Money transmitter; issuance of license; revocation of license, when. (a) The commissioner shall not issue a license unless the commissioner is of the opinion that the person will be able to and will perform its obligations to purchasers of money transmission services and purchasers, payees and holders of money orders sold by it and its agents, and that the financial responsibility, character, reputation, experience and general fitness of the person, its senior officers, directors and principal stockholders are such to warrant belief that the business will be operated efficiently, fairly and in the public interest.

      (b)   The commissioner may, after notice and an opportunity for a hearing, revoke a license if the commissioner finds:

      (1)   The person may be financially unable to perform its obligations or that the person has willfully failed without reasonable cause to pay or provide for payment of any of its obligations related to the person's money transmission business;

      (2)   the person no longer meets a requirement for initial granting of a license;

      (3)   the person or a senior officer, director or a stockholder who owns more than 10% of the money transmission business' outstanding stock has been convicted of a crime involving fraud, dishonesty or deceit;

      (4)   there has been entry of a federal or state administrative order against the person for violation of any law or any regulation applicable to the conduct of the person's money transmission business;

      (5)   a refusal by the person to permit an investigation by the commissioner;

      (6)   a failure to pay to the commissioner any fee required by this act; or

      (7)   a failure to comply with any order of the commissioner.

      History:   L. 2006, ch. 113, § 2; July 1.