2017 South Carolina Code of Laws
Title 35 - Securities
CHAPTER 11 - SOUTH CAROLINA ANTI-MONEY LAUNDERING ACT
Section 35-11-705. Suspension and revocation of authorized delegates.

Section effective upon the later of June 9, 2017 or publication in the State Register of final regulations implementing 2016 Act No. 266.

(A) The commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the commissioner finds that the:

(1) authorized delegate violated this chapter or a rule adopted or an order issued pursuant to this chapter;

(2) authorized delegate did not cooperate with an examination or investigation by the commissioner;

(3) authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence;

(4) authorized delegate is convicted of a violation of a state or federal anti-money laundering statute;

(5) competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services; or

(6) authorized delegate is engaging in an unsafe or unsound practice.

(B) In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the authorized delegate's provision of money services, the magnitude of the loss, the gravity of the violation of this chapter or a rule adopted or order issued pursuant to this chapter, and the previous conduct of the authorized delegate.

(C) An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the commissioner.

HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff upon contingency.