(a) The commissioner may issue an order suspending or barring the authorized delegate from continuing to be or becoming an authorized delegate of any licensee during the period for which the order is in effect, if, after notice and an opportunity for a hearing, the commissioner finds that any authorized delegate of a licensee or any director, officer, employee, or controlling person of the authorized delegate has:

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Terms Used In Tennessee Code 45-7-140

  • Authorized delegate: means a person that a licensee designates to engage in money transmission on behalf of the licensee. See Tennessee Code 45-7-103
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-7-103
  • Fraud: Intentional deception resulting in injury to another.
  • Licensee: means a person licensed under this chapter. See Tennessee Code 45-7-103
  • Person: means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other corporate entity identified by the commissioner. See Tennessee Code 45-7-103
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Statute: A law passed by a legislature.
(1) Violated this chapter or any rule or order issued under this chapter;
(2) Engaged or participated in any unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission;
(3) Refused to permit the commissioner to make any examination authorized by this chapter;
(4) Engaged in fraud, intentional misrepresentation, or gross negligence;
(5) Been convicted of a violation of a state or federal anti-money laundering statute; or
(6) Made or caused to be made in any application or report filed with the commissioner or any proceeding before the commissioner, any statement that was at the time and in the circumstances under which it was made, false or misleading with respect to any material fact, or has omitted to state in the application or report any material fact that is required to be stated in the application or report.
(b) Upon issuance of the order, the licensee shall terminate its relationship with the authorized delegate according to the terms of the order.
(c) An authorized delegate to whom an order is issued under this section may apply to the commissioner to modify or rescind the order. The commissioner shall not grant the application unless the commissioner finds that it is in the public interest to do so and that it is reasonable to believe that the person will comply with all applicable provisions of this chapter and any rule or order issued under this title, if and when the person is permitted to resume being an authorized delegate of a licensee.
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