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Can you summarize NERS 8-2742?
BANKS AND BANKING > Authorized delegate; suspension or revocation of designation; grounds; director; powers and duties; hearing; final order; application to modify or rescind.
Short Summary
This legal document governs the suspension or revocation of designation for authorized delegates under the Nebraska Money Transmitters Act. The director has the authority to issue an order suspending or revoking the designation of an authorized delegate after a hearing in accordance with the Administrative Procedure Act. The grounds for suspension or revocation include violations of the Nebraska Money Transmitters Act, failure to cooperate with examinations or investigations, engagement in fraud or intentional misrepresentation, conviction of a violation of anti-money laundering statutes, lack of competence or fitness, or engagement in unsafe or unsound practices. The director may consider factors such as the size and condition of the authorized delegate’s money transmission, the magnitude of any loss, the gravity of the violation, and the delegate’s previous conduct. If a final order is issued, the authorized delegate has the right to apply to the director to modify or rescind the order, which will be granted if it is in the public interest and reasonable to believe that the delegate will comply with the act and related rules, regulations, or orders. The document references the Administrative Procedure Act for the hearing process. No specific penalties are mentioned in this document.
Whom does it apply to?
Authorized delegates in the Nebraska Money Transmitters Act
What does it govern?
Suspension or revocation of designation for authorized delegates in the Nebraska Money Transmitters Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nebraska