Nebraska § 8-2734 - Suspension, revocation, cancellation, surrender, or expiration of license; conditions; effect.

§ 8-2734. Suspension, revocation, cancellation, surrender, or expiration of license; conditions; effect.

(1) The director may, following a hearing in accordance with the Administrative Procedure Act, suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if:

(a) The licensee violates the Nebraska Money Transmitters Act or a rule or regulation adopted and promulgated or an order issued under the act;

(b) The licensee does not cooperate with an examination or investigation by the director;

(c) The licensee willfully failed to make any report required by the act;

(d) The licensee engages in fraud, intentional misrepresentation, or gross negligence;

(e) An authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or violates a rule or regulation adopted and promulgated or an order issued under the act, as a result of the licensee's willful misconduct or willful blindness;

(f) The competence, experience, character, or general fitness of the licensee, authorized delegate, person in control of a licensee, key individual, or responsible person of the authorized delegate indicates that it is not in the public interest to permit the person to provide money transmission;

(g) The licensee engages in an unsafe or unsound practice;

(h) The licensee is insolvent, suspends payment of the licensee's obligations, or makes a general assignment for the benefit of its creditors; or

(i) The licensee does not remove an authorized delegate after the director issues and serves upon the licensee a final order including a finding that the authorized delegate has violated the Nebraska Money Transmitters Act.

(2) In determining whether a licensee is engaging in an unsafe or unsound practice, the director may consider the size and condition of the licensee's money transmission, the magnitude of the loss, the gravity of the violation of the Nebraska Money Transmitters Act, and the previous conduct of the person involved.

(3) A licensee may voluntarily surrender a license by delivering to the director written notice of the surrender.

(4) If a licensee fails to maintain a surety bond as required by section 8-2731, the department may issue a notice of cancellation of the license in lieu of revocation proceedings.

(5) Suspension, revocation, cancellation, surrender, or expiration of a license shall not impair or affect the obligation of a preexisting lawful contract between the licensee and any person.

(6) Suspension, revocation, cancellation, surrender, or expiration of a license shall not affect civil or criminal liability for acts committed before the suspension, revocation, cancellation, surrender, or expiration or liability for any fines which may be levied against the licensee or any of its key individuals, executive officers, managers, directors, trustees, or other persons exercising managerial authority of a licensee for acts committed before the suspension, revocation, cancellation, surrender, or expiration.