Section 361.966

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

Effective - 28 Aug 2024   

  361.966.  Reports of certain events. — 1.  A licensee shall file a report with the director within one business day 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, 11 U.S.C. Section 101-110, as amended or recodified from time to time, 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; or

  (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.

  2.  A licensee shall notify the director within three business days after the licensee has reason to know that:

  (1)  The licensee or a key individual or person in control of the licensee, has been convicted of, or pled guilty or nolo contendere to a felony involving an act of fraud, dishonesty, a breach of trust, or money laundering; or

  (2)  An authorized delegate has been convicted of, or pled guilty or nolo contendere to, a felony involving an act of fraud, dishonesty, a breach of trust, or money laundering.

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(L. 2024 S.B. 1359)