US Laws, Codes, Statutes & Cases

     53B.12 Extraordinary reporting requirements. 

    Within 15 days of the occurrence of any one of the events 
 listed below, a licensee shall file a written report with the 
 commissioner describing the event and its expected impact on the 
 licensee's activities in the state: 

    (1) the filing for bankruptcy or reorganization by the 
 licensee; 

    (2) the institution of revocation or suspension proceedings 
 against the licensee by any state or governmental authority with 
 regard to the licensee's money transmission activities; 

    (3) any felony indictment of the licensee or any of its key 
 officers or directors related to money transmission activities; 
 or 

    (4) any felony conviction of the licensee or any of its key 
 officers or directors related to money transmission activities. 

    HIST: 2001 c 148 s 13 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.