(a) The commission may suspend or revoke a license if the Alabama qualified payment stablecoin issuer: (1) Violates this chapter or a rule adopted or an order issued under this chapter; (2) Does not cooperate with an examination or investigation by the commission; (3) Engages in fraud, intentional misrepresentation, or gross negligence; (4) The competence, experience, character, or general fitness of the issuer, person in control of an issuer, key individual, or responsible individual of the authorized delegate indicates that it is not in the public interest to permit the issuer to issue a payment stablecoin; (5) Engages in an unsafe or unsound practice; or (6) Is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors. (b) In determining the severity of the violation, the commission may consider the size and condition of the issuer’s payment stablecoin issuance, the magnitude of the loss, the gravity of the violation of this chapter, and the previous conduct of the person involved.
‹ Prev All Alabama sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.