Idaho Code 26-2920 – Revocation or Suspension of Authorized Representatives
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 26-2920
- Authorized representative: means an entity designated by the licensee under the provisions of this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. See Idaho Code 26-2902
- Controlling person: means any person in control of a licensee. See Idaho Code 26-2902
- Director: means the director of the department of finance. See Idaho Code 26-2902
- Licensee: means a person licensed under the provisions of this chapter. See Idaho Code 26-2902
- Money transmission: means the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or the business of transmitting money within the United States or to locations outside the United States by any and all means including, but not limited to, payment instrument, wire, facsimile or electronic transfer. See Idaho Code 26-2902
- Person: means any individual, partnership, association, joint stock association, limited liability company, trust or corporation. See Idaho Code 26-2902
- State: means the state of Idaho. See Idaho Code 26-2902
(1) If, after notice and a hearing, the director finds that any authorized representative of a licensee or any director, officer, employee, or controlling person of such authorized representative:
(a) Has violated any provision of this chapter, or of any rule or order issued under the provisions of this chapter;
(b) Has 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; or
(c) Has made or caused to be made in any application or report filed with the director or in any proceeding before the director, any statement which 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 any such application or report any material fact which is required to be stated therein, the director may issue an order suspending or barring such authorized representative from continuing to be or becoming an authorized representative of any licensee during the period for which such order is in effect. Upon issuance of such order, the licensee shall terminate its relationship with such authorized representative according to the terms of the order.
(2) (a) Any authorized representative to whom an order is issued under the provisions of this section may apply to the director to modify or rescind such order. The director shall not grant such application unless the director finds that it is in the public interest to do so and that it is reasonable to believe that such person will, if and when such person is permitted to resume being an authorized representative of a licensee, comply with all applicable provisions of this chapter and of any rule and order issued under the provisions of this chapter.
(b) The right of any authorized representative to whom an order is issued under the provisions of this section to petition for judicial review of such order shall not be affected by the failure of such persons to apply to the director to modify or rescind the order.