1. If the Commissioner has reason to believe that grounds exist for the suspension, revocation or denial of renewal of a license, the Commissioner shall give 10 days written notice to the licensee, stating the grounds therefor, and shall set a date for a hearing, if a hearing is requested by the licensee. If the protection of the public so requires, the Commissioner may suspend the license at any time before the hearing. 2. At the conclusion of the hearing, the Commissioner shall enter a written order either dismissing the charges or suspending, revoking or denying the renewal of the license. The order must include a statement of the grounds for the action taken by the Commissioner and becomes effective 10 days after receipt of a copy of the order by the licensee at the licensees principal place of business. The Commissioner may immediately suspend, revoke or deny the renewal of the license in a case where the licensee has failed to maintain in effect the required surety bond or insurance policy. 3. The grounds for suspension, revocation or denial of renewal of a license are that: (a) The licensee has failed to pay the annual fee for renewal or the fee for late renewal; (b) The licensee has failed to maintain in effect the required bond or securities; (c) The licensee has committed an act of fraud, misrepresentation or gross negligence or has omitted any material fact in any application, statement or report; (d) The licensee has failed to pay any judgment arising from the licensees business within 30 days after the judgment becomes final or within 30 days after the expiration of a stay of execution on the judgment; (e) The licensee has failed to cooperate with an examination or investigation by the Commissioner; (f) The competence, experience, character or general fitness of the licensee, an authorized delegate of the licensee, a responsible person of such an authorized delegate, a person in control of the licensee or a key individual of the licensee indicates that it is not in the public interest to allow the licensee to provide money transmission; (g) The licensee has engaged in an unsafe or unsound practice; (h) The licensee is insolvent, suspends payment of its obligations or makes a general assignment for the benefit of its creditors; (i) The licensee has not removed an authorized delegate of the licensee after the Commissioner issued and served on the licensee a final order that includes a finding that the authorized delegate has committed a violation of any provision of this chapter or any regulation adopted or order issued by the Commissioner pursuant to this chapter; (j) An authorized delegate of the licensee, as a result of the willful misconduct or willful blindness of the licensee, has been convicted of a violation of a state or federal anti-money laundering statute or has committed a violation of any provision of this chapter or any regulation adopted or order issued by the Commissioner pursuant to this chapter; or (k) The licensee has committed a violation of any provision of this chapter or any regulation adopted or order issued by the Commissioner pursuant to this chapter. 4. In determining whether a licensee has engaged in an unsafe or unsound practice pursuant to paragraph (g) of subsection 3, the Commissioner may consider the size and condition of the money transmission of the licensee, the magnitude of the loss, the gravity of the violation of the provisions of this chapter or the regulations adopted or order issued by the Commissioner pursuant thereto and the previous conduct of the licensee. 5. Any action taken by the Commissioner pursuant to this section is subject to judicial review in the first judicial district court.
‹ Prev All Nevada 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.