Kansas Statutes 9-513a. Same; issuance of license; revocation of license, when
Terms Used In Kansas Statutes 9-513a
- Agent: means a person designated by a licensee to receive funds from a Kansas resident in order to forward such funds to the licensee to effectuate money transmission at one or more physical locations throughout the state or through the internet, regardless of whether such person would be exempt from the act by conducting money transmission on such person's own behalf;
(b) "commissioner" means the state bank commissioner;
(c) "control" means the power directly or indirectly to direct management or policies of a person engaged in money transmission or to vote 25% or more of any class of voting shares of a person engaged in money transmission;
(d) "electronic instrument" means a card or other tangible object for the transmission or payment of money, including a prepaid access card or device which contains a microprocessor chip, magnetic stripe or other means for the storage of information, that is prefunded and for which the value is decremented upon each use, but does not include a card or other tangible object that is redeemable by the issuer in goods or services;
(e) "licensee" means a person licensed under this act;
(f) "nationwide multi-state licensing system and registry" means a licensing system developed and maintained by the conference of state bank supervisors, or its successors and assigns, for the licensing and reporting of those persons engaging in the money transmission;
(g) "monetary value" means a medium of exchange, whether or not redeemable in money;
(h) "money transmission" means to engage in the business of the sale or issuance of payment instruments or of receiving money or monetary value for transmission to a location within or outside the United States by wire, facsimile, electronic means or any other means, except that money transmission does not include currency exchange where no transmission of money occurs;
(i) "outstanding payment liability" means:
(1) With respect to a payment instrument, any payment instrument issued or sold by the licensee which has been sold in the United States directly by the licensee, or any payment instrument that has been sold by an agent of the licensee in the United States, which has been reported to the licensee as having been sold and which has not yet been paid by or for the licensee; or
(2) with respect to the transmission of money or monetary value, any money or monetary value the licensee or an agent of the licensee has received from a customer in the United States for transmission which has not yet been delivered to the recipient or otherwise paid by the licensee;
(j) "payment instrument" means any electronic or written check, draft, money order, travelers check or other electronic or written instrument or order for the transmission or payment of money, sold or issued to one or more persons, whether or not such instrument is negotiable. See Kansas Statutes 9-508
- Fraud: Intentional deception resulting in injury to another.
- person: means any individual, partnership, association, joint-stock association, trust, corporation or any other form of business enterprise;
(m) "resident" means any natural person or business entity located in this state;
(n) "service provider" means any person that provides services as described in Kan. See Kansas Statutes 9-508
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
The commissioner, after notice and an opportunity for a hearing, may deny, suspend, revoke or refuse to renew or approve a license issued pursuant to this act, or issue a cease and desist order if the commissioner finds any of the following are applicable to any person who is required to be licensed under this act or such person’s agent:
(a) The financial responsibility, character, reputation, experience and general fitness of the person, such person’s senior officers, directors and principal stockholders are such to warrant the belief that the business may not be operated efficiently, fairly and in the public interest;
(b) the person may be financially unable to perform such person’s obligations or that the person has willfully failed without reasonable cause to pay or provide for payment of any of such person’s obligations related to the person’s money transmission business;
(c) the person no longer meets a requirement for initial granting of a license;
(d) the person has filed with the commissioner any document or statement falsely representing or omitting a material fact;
(e) the person concealed a fact or a condition exists which would clearly have justified the commissioner’s refusal to grant a license had the fact or condition been known to exist at the time the application for the license was made;
(f) 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;
(g) there has been entry of a federal or state administrative order against the person for violation of any rule and regulation applicable to the conduct of the person’s money transmission business;
(h) the person refused to provide information requested by the commissioner or refused to permit an examination or investigation by the commissioner;
(i) a failure to pay to the commissioner any fee required by this act;
(j) the person has engaged in any transaction, practice or business conduct that is fraudulent or deceptive in connection with the business of money transmission;
(k) the person advertises, displays, distributes, broadcasts or televises any false, misleading or deceptive statement or representation with regard to rates, terms or conditions for the transmission of money;
(l) the person fails to keep and maintain sufficient records to permit an audit to satisfactorily disclose to the commissioner the licensee’s compliance with the provisions of the act;
(m) the person has been the subject of any disciplinary action by this or any other state or federal agency;
(n) a final judgment has been entered against the person in a civil action and the commissioner finds the conduct on which the judgment is based indicates that it would be contrary to the public interest to permit such person to be licensed;
(o) the person has violated any order issued by the commissioner, any provision of this act, any rule and regulation adopted thereto, or any other state or federal law applicable to money transmission; or
(p) the person has refused or otherwise failed to provide, after a reasonable time as determined by the commissioner, any information necessary to approve or renew an application or license issued pursuant to this act.