Every licensee, and as applicable, the authorized delegate, shall maintain books, accounts and records relating to all transactions under this chapter necessary to enable the Commissioner to enforce full compliance with this chapter.

5 Del. C. 1953, §  2314;  58 Del. Laws, c. 421;  70 Del. Laws, c. 186, §  1;  71 Del. Laws, c. 19, §  76;  73 Del. Laws, c. 24, §  10;  85 Del. Laws, c. 338, § 2; 

The Commissioner shall prescribe the minimum information to be maintained in the books, accounts, and records of a licensee and its authorized delegates to ensure the Commissioner can effectively determine compliance with this chapter.

85 Del. Laws, c. 338, § 2; 

A licensee and an authorized delegate shall keep books, accounts, and records available as provided in this chapter for the period the Commissioner requires by regulation.

85 Del. Laws, c. 338, § 2; 

The Commissioner shall prescribe reporting requirements, including all of the following:

(1) Reports of condition and income.

(2) Authorized delegate reports.

(3) Submission of audited financial statements.

(4) The reporting of any other event the Commissioner prescribes by regulation.

85 Del. Laws, c. 338, § 2; 

A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements under the Bank Secrecy Act and other federal and state laws relating to money laundering. The timely filing of a complete and accurate report with the appropriate federal agency is deemed compliant with the requirements of this section.

85 Del. Laws, c. 338, § 2; 

(a) A licensee shall maintain at all times permissible investments with a market value of at least the aggregate amount of all its outstanding money transmission obligations. The market value must be computed under United States generally accepted accounting principles.

(b) The licensee shall maintain permissible investments in a manner the Commissioner prescribes by regulation.

5 Del. C. 1953, §§  2305, 2309;  58 Del. Laws, c. 421;  71 Del. Laws, c. 19, §  73;  85 Del. Laws, c. 338, § 2; 

(a) Every person or combination of persons licensed to transact business as provided in this chapter is subject to the supervision and examination of the Commissioner. The Commissioner or the Commissioner’s authorized representative shall examine each licensee annually or at intervals the Commissioner determines are necessary.

(b) During an examination, the Commissioner or the Commissioner’s authorized representative must be given access to every part of the office or place of business visited and to the assets, securities, books, and papers of the business.

(c) An examination must include a thorough review of the licensee’s affairs, including resources, liabilities, investment of funds, and the business operations and internal controls. The Commissioner shall determine compliance with this chapter, regulations adopted under this chapter, and other applicable law. The Commissioner may examine a person under oath or affirmation regarding the affairs of the licensee.

(d) If, in the Commissioner’s opinion, it is necessary for a thorough examination of a licensee, the Commissioner may retain 1 or more accountants, attorneys, appraisers or other third parties to assist the Commissioner in the examination. Within 10 days after receipt of a statement from the Commissioner, the licensee shall pay or reimburse the fees, costs and expenses of any third parties retained by the Commissioner under this subsection.

(e) The Commissioner may prescribe regulations to carry out the purposes of this chapter.

5 Del. C. 1953, §  2314;  58 Del. Laws, c. 421;  70 Del. Laws, c. 186, §  1;  71 Del. Laws, c. 19, §  76;  73 Del. Laws, c. 24, §  10;  85 Del. Laws, c. 338, § 2; 

(a) The Commissioner may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if any of the following apply:

(1) The licensee fails to comply with any provision of this chapter, any rule or regulation adopted by the Commissioner, or any other applicable state or federal law.

(2) The Commissioner becomes aware of a fact or condition that, had it existed at the time of the original application, would have provided grounds for the Commissioner to deny the application.

(3) The licensee fails to cooperate with an examination or investigation by the Commissioner.

(4) The licensee engages in fraud, intentional misrepresentation, or gross negligence or employs operational practices that are unfair, deceptive, or abusive.

(5) An authorized delegate is convicted of a state or federal anti-money laundering statute, or violates a rule adopted or an order issued under this chapter, as a result of the licensee’s wilful misconduct or wilful blindness.

(6) 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.

(7) The licensee engages in unsafe or unsound practice.

(8) The licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors.

(9) The licensee fails to remove an authorized delegate after being serviced with a final order from the Commissioner finding that the delegate has violated this chapter.

(b) In determining whether a licensee is engaging in an unsafe or unsound practice, the Commissioner may consider the size and condition of the licensee’s money transmission, the magnitude of the loss, the gravity of the violation of this chapter, and the previous conduct of the person involved.

5 Del. C. 1953, §  2315;  58 Del. Laws, c. 421;  73 Del. Laws, c. 24, §  11;  77 Del. Laws, c. 126, §  5;  85 Del. Laws, c. 338, § 2; 

(a) The Commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the Commissioner finds any of the following apply:

(1) The authorized delegate violates this chapter or a rule adopted or an order issued under this chapter.

(2) The authorized delegate does not cooperate with an examination or investigation by the Commissioner.

(3) The authorized delegate engages in fraud, intentional misrepresentation, or gross negligence.

(4) The authorized delegate is convicted of a violation of a state or federal anti-money laundering statute.

(5) The competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money transmission.

(6) The authorized delegate is engaging in an unsafe or unsound practice.

(b) In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the Commissioner may consider the size and condition of the authorized delegate’s provision of money transmission, the magnitude of the loss, the gravity of the violation of this chapter or a rule adopted or order issued under this chapter, and the previous conduct of the authorized delegate.

(c) An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate in accordance with Chapter 101 of Title 29.

85 Del. Laws, c. 338, § 2;