A licensee must report certain changes and events to the commission within specified time limits, keep required reports on file, and notify the commission immediately if another regulator starts an investigation or inquiry.
(a) A licensee shall file a report to the commission within 15 business days of any material change in information provided in a licensee’s application. (b) A licensee shall file a report with the commission within five business days after the licensee has reason to know of the occurrence of any of the following events: (1) The filing of a petition by or against the licensee under the United States Bankruptcy Code for bankruptcy or reorganization. (2) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors. (3) The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed. (4) The cancellation or other impairment of the licensee’s bond or other security. (5) A charge or conviction of the licensee or of an executive officer, manager, commission, or other control person of the licensee for a felony. (6) A charge or conviction of an authorized delegate of the licensee for a felony. (7) The executive officers, managers, directors, an authorized delegate, or persons in control of the licensee are named in any material civil litigation or class action. (c) (1) A licensee shall give notice of a proposed change of control within 15 days after learning of the proposed change in control. (2) The commission shall approve a request for change of control if, after investigation, the commission determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control. (3) The commission shall approve or deny a request for change of control within 120 days after the notice. If the request has not been approved or denied within 120 days, the request will be deemed to have been approved and will take effect on the first day after the expiration of the 120 days. (d) A licensee and an authorized delegate shall maintain a file of all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. Section 5311 (1994), and other federal and state laws pertaining to money laundering. If an investigation or other inquiry is initiated by any regulatory authority, the licensee shall immediately notify the commission and forward all records associated with such investigation or inquiry.