Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-27 - Revocation of license; notice; hearing; appeals

Except where a license is automatically revoked without any act of the commissioner as specially provided in this chapter, no license shall be denied or revoked except on ten (10) days' notice (the first day of the ten-day period to be the date stated on the notice, which shall be the day it is mailed) to the applicant or licensee by the commissioner, sent by letter by United States registered mail, return receipt requested, to the applicant's or licensee's business address set forth in the application. Upon receipt of the notice, as stated in the registered mail receipt, the applicant or licensee may, within five (5) days thereafter (which five-day period may be wholly or partially outside of the ten-day period) make written demand for a hearing by the commissioner, which demand, in the case of a revocation notice, must be accompanied by an additional surety bond or securities deposit, as hereafter provided, the principal sum or the market value thereof to be specified by the commissioner in the revocation notice. The revocation notice shall not become final during the period of time in which the licensee may demand such hearing nor if licensee demands a hearing, until the matter has been finally determined by the commissioner or by the courts, provided as to any revocation order, but not a denial order, that the licensee posts together with his written demand for hearing an additional corporate surety bond, written by the same surety that wrote the bond under subsection (b) of Section
75-15-11
, or an additional securities deposit in addition to the securities deposit theretofore made by the licensee under subsection (c) of Section
75-15-11
which additional surety bond or securities deposit shall be in a principal amount or of a market value deemed adequate by the commissioner as specified in the revocation order but not exceeding Two Hundred Fifty Thousand Dollars ($250,000.00), provided that if the licensee originally deposited with his application under Section
75-15-11
a corporate surety bond, the additional deposit provided in this section must be another corporate surety bond or an increase of the first one and may not be a deposit of securities, or if the licensee originally deposited securities, the additional deposit shall also be of securities and not a corporate surety bond. The bond or securities deposit shall secure the same obligations as does the corporate surety bond or securities deposit required by Section
75-15-11
, but shall be in addition to the bond or securities deposit required thereby. Upon receipt of the written demand, the commissioner shall thereafter, with reasonable promptness, hear and determine the matter as provided by law. If the applicant or licensee deems himself aggrieved by the determination or order of the commissioner, he may within fifteen (15) days after the determination or order, have the determination or order reviewed by an appeal to the Chancery Court of the First Judicial District of Hinds County, Mississippi, by filing a petition setting out the specific order or action or part thereof by which the person deems himself aggrieved. All those petitions shall be given preferred settings and shall be heard by the court as speedily as possible. Such an appeal shall be perfected upon the posting of a bond for the costs of the appeal accompanied by the petition. Any party to the appeal may appeal to the Supreme Court of Mississippi from the decree or order of the chancery court, within thirty (30) days from the rendition of the decree or order, in the manner provided by law for appeals to the Supreme Court of Mississippi from chancery courts.
Final denial or revocation of the license, whether automatic or by final determination of the commissioner or the courts, shall cancel as of the date of final revocation all bonds or securities deposits theretofore deposited by the applicant or licensee under any provision of this chapter, provided that the licensee (and his corporate surety, if any) shall not be relieved of any accrued liabilities, and provided further, where the licensee deposited securities, that there shall not be returned to the licensee any of the deposited securities until the commissioner determines that all accrued liabilities (including, but not limited to, the principal sums thereof, accrued interest thereon, and court costs, if any, assessed to the licensee) of the licensee under this chapter have been satisfied in full.
The commissioner may at any time revoke a license, on any ground on which he might refuse to grant a license, for failure to pay an annual fee or for violation of any provision of this chapter, subject to the provisions of this chapter.
A license shall be automatically and finally revoked without any act or further act of the commissioner and without any right of the licensee to any hearing or further hearing by the commissioner or the courts and without any right of the licensee or the commissioner to reinstate or have reinstated the license, in the following instances:
(a)
at expiration of the sixty-day notice period, if the corporate surety gives notice of cancellation of its bond or any of them;
(b)
upon failure by licensee to pay when due the annual license fee required by Section
75-15-15
;
(c)
upon failure by licensee to file when due any information required by Section
75-15-19
;
(d)
in case of a revocation notice under the first paragraph of this section, failure by the licensee to demand hearing as provided therein or failure to deposit any additional corporate surety bond or securities deposit as required by the commissioner;
(e)
upon a license revocation order becoming final at any stage;
(f)
failure by licensee to deposit when due any additional corporate surety bond or securities deposit required by the commissioner under Section
75-15-29
; or
(g)
upon final conviction of licensee as to any offense covered by Section
75-15-31
.
If a revocation order becomes final for any reason or in any manner, the license may not be reinstated, except upon new application as if the licensee had never been licensed before. The commissioner may deny the new application on grounds that a previous application was denied or a previous license to applicant was revoked or any ground or grounds on which he may deny an original application.
Codes, 1942, § 5131-14; Laws, 1966, ch. 257, § 14; Laws, 1995, ch. 373, § 5; Laws, 2010, ch. 448, § 13, eff. 7/1/2010.