After notice and hearing, the commissioner may suspend or revoke a licensee's license if the commissioner finds that:
(1) any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application;
(2) the licensee's net worth becomes inadequate and the licensee, after ten days' written notice from the commissioner, fails to take steps the commissioner considers necessary to remedy the deficiency;
(3) the licensee violates any material provision of this chapter or any rule or order validly adopted by the commissioner under authority of this chapter;
(4) the licensee is conducting its business in an unsafe or unsound manner;
(5) the licensee is insolvent;
(6) the licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;
(7) the licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy;
(8) the licensee refuses to permit the commissioner to make any examination authorized by this chapter; or
(9) the licensee fails to make any report required by this chapter.
2001 c 148 s 20
Structure Minnesota Statutes
Chapter 53B — Money Transmitters
Section 53B.02 — License Required.
Section 53B.05 — License Qualifications.
Section 53B.06 — Permissible Investments And Statutory Trust.
Section 53B.07 — License Application.
Section 53B.08 — Bond Or Other Security Device.
Section 53B.09 — Application Fee.
Section 53B.10 — Issuance Of License.
Section 53B.11 — Renewal Of License And Annual Report.
Section 53B.12 — Extraordinary Reporting Requirements.
Section 53B.13 — Changes In Control Of A Licensee.
Section 53B.14 — Examinations.
Section 53B.15 — Maintenance Of Records.
Section 53B.16 — Confidentiality Of Data Submitted To The Commissioner.
Section 53B.17 — Solvency Required.
Section 53B.18 — Prohibited Practices.
Section 53B.19 — Suspension Or Revocation Of Licenses.
Section 53B.20 — Authorized Delegate Contracts.
Section 53B.21 — Authorized Delegate Conduct.
Section 53B.22 — Licensee Liability.
Section 53B.23 — Hearings; Procedures.
Section 53B.25 — Rule Notices.
Section 53B.26 — Appointment Of Commissioner As Agent For Service Of Process.
Section 53B.27 — Money Transmitters; Cooperation Required In Combatting Fraud.