(a)In this section, "material litigation" means litigation that according to generally accepted accounting principles or international financial reporting standards is significant to an applicant's or a licensee's financial health and would be required to be disclosed in the applicant's or licensee's annual audited financial statements, report to shareholders, or similar records.
(b)A person applying for a license under this article shall do so in a form and in a medium prescribed by the commissioner. The application must state or contain:
(1)the legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting its business;
(2)a list of any criminal convictions of the applicant and any material litigation in which t
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(a) In this section, "material litigation" means litigation that according to generally accepted accounting principles or international financial reporting standards is significant to an applicant's or a licensee's financial health and would be required to be disclosed in the applicant's or licensee's annual audited financial statements, report to shareholders, or similar records. (b) A person applying for a license under this article shall do so in a form and in a medium prescribed by the commissioner. The application must state or contain: (1) the legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting its business; (2) a list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the 10-year period next preceding the submission of the application; (3) a description of any money services previously provided by the applicant and the money services that the applicant seeks to provide in this State; (4) a list of the applicant's proposed authorized delegates and the locations in this State where the applicant and its authorized delegates propose to engage in money transmission or provide other money services; (5) a list of other States in which the applicant is licensed to engage in money transmission or provide other money services and any license revocations, suspensions, or other disciplinary action taken against the applicant in another State; (6) information concerning any bankruptcy or receivership proceedings affecting the licensee; (7) a sample form of contract for authorized delegates, if applicable, and a sample form of payment instrument or instrument upon which stored value or prepaid access is recorded, if applicable; (8) the name and address of any bank through which the applicant's payment instruments, stored value, or prepaid access will be paid; (9) a description of the source of money and credit to be used by the applicant to provide money services; (10) any other information the commissioner reasonably requires with respect to the applicant; (11) the name of a person submitted by the applicant as the responsible individual and information on that person to include: (A) legal name; (B) residential and business addresses; (C) date of birth; (D) Social Security number; (E) employment history for the five-year period preceding the submission of the application; and (F) documentation that the proposed responsible individual is a citizen of the United States or has obtained legal immigration status to work in the United States; (12) for the ten-year period preceding submission of the application, a list of: (A) any criminal convictions of the proposed responsible individual of the applicant; (B) any litigation involving the proposed responsible individual relating to the provision of money services; and (C) any material litigation in which the applicant has been involved; (13) a list of any license revocations, suspensions, restrictions, or other disciplinary action taken against any money services business involving the proposed responsible individual of the applicant; and (14) information concerning any bankruptcy or receivership proceedings involving or affecting the applicant or the proposed responsible individual of the applicant. (c) If an applicant is a corporation, limited liability company, partnership, or other entity, the applicant shall also provide: (1) the date of the applicant's incorporation or formation and State or country of incorporation or formation; (2) if applicable, a certificate of good standing from the State or country in which the applicant is incorporated or formed; (3) a brief description of the structure or organization of the applicant, including any parent or subsidiary of the applicant, and whether any parent or subsidiary is publicly traded; (4) the legal name, any fictitious or trade name, all business and residential addresses, and the employment, in the 10-year period next preceding the submission of the application of each executive officer, manager, director, or person that has control, of the applicant; (5) a list of any criminal convictions and material litigation in which any executive officer, manager, director, or person in control of, the applicant has been involved in the 10-year period next preceding the submission of the application; (6) a copy of the applicant's audited financial statements for the most recent fiscal year and, if available, for the two-year period next preceding the submission of the application; (7) a copy of the applicant's unconsolidated financial statements for the current fiscal year, whether audited or not, and, if available, for the two-year period next preceding the submission of the application; (8) if the applicant is publicly traded, a copy of the most recent report filed with the United States Securities and Exchange Commission under § 13 of the federal Securities Exchange Act of 1934, 15 U.S.C. § 78m (1994 & Supp. V 1999); (9) evidence of the applicant's registration or qualification to do business in this state; (10) if the applicant is a wholly owned subsidiary of: (A) a corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed under § 13 of the federal Securities Exchange Act of 1934, 15 U.S.C. § 78m (1994 & Supp. V 1999); or (B) a corporation publicly traded outside the United States, a copy of similar documentation filed with the regulator of the parent corporation's domicile outside the United States; (11) if the applicant has a registered agent in this State, the name and address of the applicant's registered agent in this State; and (12) any other information the commissioner reasonably requires with respect to the applicant. (d) A nonrefundable application fee of $1,500 and a license fee of $750 must accompany an application for a license under this article. The license fee must be refunded if the application is denied. (e) The commissioner may waive one or more requirements of subsections (b) and (c) or permit an applicant to submit other information in lieu of the required information. (f) The application shall be accompanied by the surety bond required by § 23-55-204 . (g) An individual in control of a licensee or applicant, an individual who seeks to acquire control of a licensee, and each key individual shall furnish to the commissioner, through the Nationwide Multistate Licensing System and Registry, the following: (1) the individual's fingerprints for submission to the Federal Bureau of Investigation and the commissioner for purposes of a national criminal history background check, unless the person currently resides outside of the United States and has resided outside of the United States for the last 10 years. (2) personal history and experience in a form and in a medium prescribed by the commissioner to obtain the following information: (A) (i) a credit report from an independent consumer reporting agency, unless the individual does not have a Social Security number. (ii) If an individual does not have a Social Security number, then the requirement for a credit report from an independent consumer reporting agency under subdivision (g)(2)(A)(i) is waived; (B) information related to any criminal convictions or pending criminal charges; and (C) information related to any regulatory or administrative action or any civil litigation involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract. (3) if an individual has resided outside of the United States at any time in the last 10 years, an investigative background report prepared by an independent search firm that meets the following requirements: (A) at a minimum, the independent search firm shall: (i) demonstrate that it has sufficient knowledge, resources, and employs accepted and reasonable methodologies to conduct the research for a background report; and (ii) not be affiliated with or have an interest with the individual the independent search firm is researching; and (B) at a minimum, the investigative background report shall: (i) be written in the English language; and (ii) contain the following: (a) if available in the individual's current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish the report, including without limitation a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked; (b) criminal records information for the past 10 years, including without limitation felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked; (c) employment history; (d) media history, including an electronic search of national and local publications, wire services, and business applications; and (e) financial services-related regulatory history, including without limitation money transmissions, securities, banking, insurance, and mortgage-related industries.