2011 Kentucky Revised Statutes Subtitle 11. Money Transmitters 286.11.045 Emergency order governing suspension, limitation, or restriction of license or designation of agent -- Appeal from emergency order.
KY Rev Stat § 286.11.045 (1996 through Reg Sess) What's This?
286.11-045 Emergency order governing suspension, limitation, or restriction of
license or designation of agent -- Appeal from emergency order.
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If the commissioner has reason to believe or determines that a violation of this
subtitle or of a regulation adopted, or an order issued under this subtitle, by a
licensee or agent will cause immediate or irreparable harm to the public health,
safety, or welfare, then the commissioner may enter an emergency order
suspending, limiting, or restricting the licensee's license or the designation of an
agent, without prior notice or hearing.
One (1) or more of the following circumstances shall be considered grounds for an
emergency order suspending, limiting, or restricting a license or designation of an
agent under this section:
(a) The licensee's or agent's indictment or conviction of a felony for a crime
involving theft, fraud, or breach of trust;
(b) The licensee's or agent's indictment or conviction under the USA PATRIOT
Act of 2001, Pub. L. No. 107-56;
(c) The suspension or revocation of any other money transmitter license or
equivalent license held by the licensee, or designation held by the agent in
another state or country;
(d) The licensee, its responsible individual, or any agent, key shareholder,
executive officer, director, or other person in control of the licensee are listed
or become listed on the specially designated nationals and blocked persons list
prepared by the United States Department of the Treasury or United States
Department of State under Presidential Executive Order No. 13224 as a
potential threat to commit terrorist acts or to finance terrorist acts; or
(e) Insolvency, or the filing of an application of bankruptcy, reorganization,
arrangement, or other relief under bankruptcy, or an adjudication under the
United States Bankruptcy Code, 11 U.S.C. secs. 101 to 110 by the licensee or
agent.
An emergency order issued under this section becomes effective when signed by the
commissioner. The emergency order shall be delivered by certified mail to the last
known address of the licensee or agent. The order shall be deemed received by the
licensee or agent within three (3) days of its mailing with the United States Postal
Service.
A licensee or agent aggrieved by an emergency order issued by the commissioner
under this section may file with the commissioner a written appeal for an
emergency hearing. The application for a hearing shall be filed with the
commissioner within twenty (20) days of the date of the emergency order.
Upon receipt of a written appeal by any licensee or agent aggrieved by an
emergency order issued under this section, the commissioner shall conduct an
emergency hearing as required under KRS 13B.125, within ten (10) working days
from the date of receipt of the appeal, unless the parties agree otherwise. The
hearing officer shall render a written decision affirming, modifying, or reversing the
emergency order within five (5) working days of the completion of the hearing. The
emergency order shall be affirmed if there is substantial evidence of a violation of
law that constitutes an immediate danger to the public health, safety, or welfare.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 851, effective July 15, 2010. -- Created
2006 Ky. Acts ch. 247, sec. 23, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill
also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A,
and 368 be renumbered as sections of a single KRS chapter entitled the "Kentucky
Financial Services Code." Therefore, the Statute Reviser, acting under KRS 7.136(1),
has codified this section as a new section of KRS Chapter 286.
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