Section 6110.1 - Suspension, revocation or refusal(a) The department may suspend, revoke or refuse to renew a license issued under this act if any fact or condition exists or is discovered which, if it had existed or had been discovered at the time of filing of the application for the license, would have warranted the department's refusal to issue the license or if a licensee or director, officer, partner, employee or owner of a licensee has: (1) Made a material misstatement in an application or any report or submission required by this act or any department regulation, statement of policy or order.(2) Failed to comply with or violated any provision of this act or any regulation or order promulgated or issued by the department under this act.(3) Engaged in dishonest, fraudulent or illegal practices or conduct in a business or unfair or unethical practices or conduct in connection with the money transmission business.(4) Been convicted of or pleaded guilty or nolo contendere to a crime of moral turpitude or felony.(5) Permanently or temporarily been enjoined by a court of competent jurisdiction from engaging in or continuing conduct or a practice involving an aspect of the money transmission business.(6) Become the subject of an order of the department or any other state regulatory agency denying, suspending or revoking a license.(7) Become the subject of a United States Postal Service fraud order.(8) Failed to comply with the requirements of this act to make and keep records prescribed by regulation, statement of policy or order of the department, to produce records required by the department or to file financial reports or other information that the department by regulation, statement of policy or order may require.(9) Demonstrated negligence or incompetence in performing an act for which the licensee is required to hold a license.(10) Become insolvent, meaning that the liabilities of the applicant or licensee exceed the assets of the applicant or licensee or that the applicant or licensee cannot meet the obligations of the applicant or licensee as they mature or the applicant or licensee is in such financial condition that the applicant or licensee cannot continue in business with safety to the customers of the applicant or licensee.(b) The department may reinstate a license which was previously suspended, revoked or denied renewal if all of the following conditions are met:(1) the condition which warranted the original action has been corrected to the department's satisfaction;(2) the department has reason to believe that the condition is not likely to occur again; and(3) the licensee satisfies all other requirements of this act. Added by P.L. TBD 2016 No. 129, § 12, eff. 1/2/2017.