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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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