2022 Arizona Revised Statutes
Title 6 - Banks and Financial Institutions
§ 6-1231 - License suspension and revocation

6-1231. License suspension and revocation

A. The director may suspend or revoke a license if:

1. The licensee violates this article.

2. The licensee does not cooperate with an examination or investigation by the director.

3. The licensee engages in fraud, intentional misrepresentation or gross negligence.

4. An authorized delegate is convicted of a violation of a state or federal anti-money laundering statute or violates this article as a result of the licensee's wilful misconduct.

5. The competence, experience, character or general fitness of the licensee, person in control of a licensee or key individual indicates that it is not in the public interest to allow the person to provide money transmission.

6. The licensee engages in an unsafe or unsound practice.

7. The licensee is insolvent, suspends payment of its obligations or makes a general assignment for the benefit of its creditors.

8. The licensee does not remove an authorized delegate after the director issues and serves on the licensee a final order that includes a finding that the authorized delegate has violated this article.

9. The licensee has made a material misstatement or suppressed or withheld information on an application for a license or any document required to be filed with the director.

B. In determining whether a licensee is engaging in an unsafe or unsound practice, the director may consider the size and condition of the licensee's money transmission, the magnitude of the loss, the gravity of the violation of this article and the previous conduct of the licensee.

C. A licensee may appeal any suspension or revocation pursuant to title 41, chapter 6, article 10.