§ 23-55-402 — Application for license

(a) 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, if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager, and director; (2) the location of the principal office of the applicant; (3) complete addresses of other locations in this State where the applicant proposes to engage in currency exchange, including all limited stations and mobile locations; (4) a description of the source of money and credit to be used by the applicant to engage in currency exchange; (5) other information the commissioner reasonably requires with respect to the applicant, but not more than the commissioner may require under § 23-55-201 et seq.; (6) 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; (7) for the ten-year period preceding the submission of the application, a list of any criminal convictions of the proposed responsible individual of the applicant, any litigation involving the proposed responsible individual relating to the provision of money services, and any material litigation in which the applicant has been involved; (8) a list of other states in which the applicant engages in currency exchange or provides other money services and any license revocations, suspensions, restrictions, or other disciplinary action taken against the applicant in another state; (9) a list of any license revocations, suspensions, restrictions, or other disciplinary action taken against any money services business involving the responsible individual of the applicant; and (10) information concerning any bankruptcy or receivership proceedings involving or affecting the applicant or the responsible individual of the applicant. (b) A nonrefundable application fee of $1,500 and a license fee of $375 must accompany an application for a license under this article. The license fee must be refunded if the application is denied.

Legislative History

Amended by Act 2021, No. 532,§ 13, eff. 7/28/2021. Amended by Act 2019, No. 111,§ 5, eff. 7/24/2019. Acts 2007, No. 1595, § 1; 2009, No. 486, § 11.