{"data":{"id":"us-ky/krs-286.11-039","jurisdiction":"us-ky","citation":"KRS 286.11-039","heading":"Suspension or revocation of license -- Procedure for hearing and appeal","body":"upon suspension or revocation -- Limitations upon reissue of license -- Factors\nto be considered by commissioner.\n(1) The commissioner may issue a written order to suspend or r evoke a license issued\nunder this subtitle if the commissioner finds that:\n(a) The licensee no longer meets the requirements to hold a license under this\nsubtitle;\n(b) Any fact or condition exists that, if it had existed at the time the licensee\napplied for its license, would have been grounds for denying the application;\n(c) The licensee's net worth, as determined in accordance with generally accepted\naccounting principles, falls below the required net worth as prescribed in KRS\n286.11-011, and the license e, after ten (10) days written notice from the\ncommissioner, fails to take such action as the commissioner deems necessary\nto remedy such deficiency;\n(d) The licensee violates any provision of this subtitle, any administrative\nregulation promulgated thereunder, or order of the commissioner issued under\nauthority of this subtitle, or any other state law or regulation related to the\nbusiness of money transmission;\n(e) The licensee is conducting its business in an unsafe or unsound manner;\n(f) The licensee engages in an unfair and deceptive act or practice;\n(g) The licensee engages in fraud, intentional misrepresentation, or gross\nnegligence;\n(h) The licensee is insolvent;\n(i) The licensee has suspended payment of its obligations or has made an\nassignment for the benefit of its creditors;\n(j) The licensee has applied for an adjudication of bankruptcy, reorganization,\narrangement, or other relief under the United States Bankruptcy Code, 11\nU.S.C. secs. 101-110;\n(k) The licensee fails to cooperate in an examinatio n, investigation, or subpoena\nissued by the commissioner;\n(l) The licensee fails to make any report required by this subtitle;\n(m) The licensee has been found to have violated any of the recordkeeping and\nreporting requirements of the United States governm ent including 31 U.S.C.\nsecs. 5311 to 5332 and 31 C.F.R. pt. 103;\n(n) The competence, experience, character, financial condition, or responsibility\nof the licensee indicates that it is not in the public interest to permit the\nlicensee to continue to provide money transmission services;\n(o) The licensee has been convicted of a felony;\n(p) The licensee has been convicted of a misdemeanor related to the business of\nmoney transmission;\n(q) The licensee has been convicted of a misdemeanor involving theft, fraud, or\nbreach of trust;\n(r) The licensee has failed to terminate or suspe nd its agent's authority to act on\nits behalf when the licensee knew, or has been given reasonable notice that its\nagent violated, or is about to violate, a material provision of this subtitle, an\nadministrative regulation promulgated thereunder, or an ord er of the\ncommissioner, or any grounds that are found in KRS 286.11-041; or\n(s) The licensee, its responsible individual, or any agent, key shareholder,\nexecutive officer, director, or other person in control of the licensee are listed\nor become listed on the specially designated nationals and blocked persons list\nprepared by the United States Department of the Treasury or United States\nDepartment of State under Presidential Executive Order No. 13224 as a\npotential threat to commit terrorist acts or to finance terrorist acts.\n(2) A licensee who has had his or her license revoked or suspended by the\ncommissioner may file a written application for an administrative hearing in\naccordance with KRS Chapter 13B.\n(3) A person is deemed to have received a copy of th e written order of revocation or\nsuspension with three (3) days of its mailing.\n(4) A written application for an appeal shall be made with the commissioner within\ntwenty (20) days of the date of the order of suspension or revocation and shall be\nmade in go od faith and shall briefly state the reason or reasons the person is\naggrieved, together with the grounds to be relied upon.\n(5) The commissioner shall not issue a license again under this subtitle to any person\nwhose license has been revoked until three (3) years after the date of the revocation,\nand thereafter, not until the person again qualifies under the applicable provisions of\nthis subtitle. A person whose license has been revoked twice shall be deemed\npermanently revoked and shall not again be eligible for a license under this subtitle.\n(6) In determining whether a licensee is engaging in an unsafe or unsound practice\nunder subsection (1)(e) of this section, the commissioner may consider the size and\ncondition of the licensee's provision of money tra nsmissions, the magnitude of the\nloss, the gravity of the violation of this subtitle, the administrative regulation\nadopted, or order issued under this subtitle, any action taken by another state or\nfederal government against the licensee, or the previous conduct of the licensee.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14963","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:15Z","sha256":"47d591389f3a8d9a9680b9704a451437ef1dfe93cfe691133b2047ca35afc87d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.11-037","next":"us-ky/krs-286.11-041"},"notice":"GroundRules: Original legal text. Not legal advice."}