South Carolina Code 35-11-700. Suspension and revocation
(1) the licensee violates this chapter or a rule adopted or an order issued pursuant to this act;
Terms Used In South Carolina Code 35-11-700
- 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.
- Licensee: means a person licensed pursuant to this act. See South Carolina Code 35-11-105
- 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 transmission: means selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission. 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) the licensee does not cooperate with an examination or investigation by the commissioner;
(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 a rule adopted or an order issued pursuant to this chapter, as a result of the licensee’s wilful misconduct or wilful blindness;
(5) the competence, experience, character, or general fitness of the licensee, authorized delegate, person in control of a licensee, or responsible person of the licensee or authorized delegate indicates that it is not in the public interest to permit the person to provide money services;
(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; or
(8) the licensee does not remove an authorized delegate after the commissioner issues and serves upon the licensee a final order including a finding that the authorized delegate has violated this chapter.
(B) In determining whether a licensee is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the licensee’s money transmission, the magnitude of the loss, the gravity of the violation of this act, and the previous conduct of the person involved.