§ 53-208.21. Revocation or suspension of authorized delegates. - North Carolina Statutes

§ 53‑208.21.  Revocationor suspension of authorized delegates.

(a)        If, after noticeand a hearing, the Commissioner finds that any authorized delegate of alicensee or any director, officer, employee, or controlling person of theauthorized delegate: (i) has violated any provision of this Article or of anyrule or regulation or order issued under this Article; (ii) has engaged orparticipated in any unsafe or unsound act with respect to the business ofselling or issuing payment instruments of the licensee or the business of moneytransmission; or (iii) has made or caused to be made in any application orreport filed with the Commissioner or in any proceeding before theCommissioner, any statement which was at the time and in the circumstancesunder which it was made, false or misleading with respect to any material fact,or has omitted to state in any application or report any material fact which isrequired to be stated therein, the Commissioner may issue an order suspendingor barring the authorized delegate from continuing to be or becoming anauthorized delegate of any licensee during the period for which the order is ineffect. Upon issuance of the order, the licensee shall terminate itsrelationship with the authorized delegate according to the terms of the order.

(b)        Any authorizeddelegate to whom an order is issued under this section may apply to theCommissioner to modify or rescind the order. The Commissioner shall not grantthe application unless the Commissioner finds that (i) it is in the publicinterest to do so, and (ii) it is reasonable to believe that the person willcomply with all applicable provisions of this Article and of any regulation andorder issued under this Article if and when that person is permitted to resumebeing an authorized delegate of a licensee. The right of any authorizeddelegate to whom an order is issued under this section to petition for judicialreview of the order shall not be affected by the failure of the person to applyto the Commissioner to modify or rescind the order. (2001‑443, s. 2.)