{"data":{"id":"us-ky/krs-286.11-041","jurisdiction":"us-ky","citation":"KRS 286.11-041","heading":"Suspension or revocation of designation of an agent -- Factors to be","body":"considered by commissioner -- Procedure for hearing and appeal upon\nrevocation of designation -- Limitations upon future designation of agent after\nrevocation.\n(1) The commissioner may issue a written order suspending or revoking the designation\nof an agent if the commissioner finds that:\n(a) The agent violates this subtitle or a rule adopted or an order issued under this\nsubtitle;\n(b) The agent does not cooperate with an examinati on, investigation, or subpoena\nissued by the commissioner;\n(c) The agent has engaged in fraud, intentional misrepresentation, or gross\nnegligence;\n(d) The agent has been convicted of a felony;\n(e) The agent has been convicted of a misdemeanor related to th e business of\nmoney transmission;\n(f) The agent has been convicted of a misdemeanor involving theft, fraud, or\nbreach of trust;\n(g) The competence, experience, character, or general fitness of the agent or a\nperson in control of the agent indicates that it  is not in the public interest to\npermit the agent to be engaged in the business of money transmission;\n(h) The agent is engaged in or is engaging in an unsafe or unsound practice;\n(i) The agent is engaged in, or is engaging in, an unfair and deceptive act  or\npractice as that act or practice relates to the business of money transmission;\n(j) The agent is insolvent;\n(k) The agent has applied for an adjudication of bankruptcy, reorganization,\narrangement, or other relief under the United States Bankruptcy Cod e, 11\nU.S.C. secs. 101 to 110; or\n(l) The agent fails to timely remit all money legally due to its licensee as required\nby this subtitle; or\n(m) The agent, any executive officer, or other person in control of the agent is\nlisted or become listed on the spe cially designated nationals and blocked\npersons list prepared by the United States Department of the Treasury or\nUnited States Department of State under Presidential Executive Order No.\n13224 as a potential threat to commit terrorist acts or to finance terrorist acts.\n(2) In determining whether an agent is engaging in an unsafe or unsound practice under\nsubsection (1)(h) of this section, the commissioner may consider the size and\ncondition of the agent's provision of money transmissions, the magnitude of the\nloss, the gravi ty 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 agent, or the previous conduct of the agent.\n(3) Any person who has his or her designation as an agent revoked or suspended by the\ncommissioner may file a written application for an administrative hearing in\naccordance with KRS Chapter 13B.\n(4) An agent is deemed to have received a copy of the written order of revocation or\nsuspension within three (3) days of its mailing.\n(5) 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 in good faith\nand shall briefly state the reason or reason s the agent is aggrieved, together with the\ngrounds to be relied upon.\n(6) The commissioner shall not designate a person as an agent again under this subtitle\nwhere the designation of an agent has been revoked, until after three (3) years after\nthe date of revocation, and thereafter, not until the person again qualifies under the\napplicable provisions of this subtitle. Any person whose designation as an agent has\nbeen revoked twice by the commissioner shall be deemed permanently revoked and\nshall not again be eligible for designation as an agent under this subtitle.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14964","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:15Z","sha256":"95010d133978c472e7cb5ac63da72c7742c3370050065fde756cf22094f114f9","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.11-039","next":"us-ky/krs-286.11-043"},"notice":"GroundRules: Original legal text. Not legal advice."}