A.When an application for an original license under this article includes all of the required items and addresses, the application is complete and the director shall promptly notify the applicant in a record of the date on which the application is determined to be complete. The director shall approve or deny the application within one hundred twenty days after the completion date. If the application is not approved or denied within one hundred twenty days after the completion date, all of the following apply:
1.The application is approved.
2.The license takes effect as of the first business day after expiration of the one hundred twenty-day period.
3.The director for good cause may extend the application period.
B.The director's determination that an application is complete and
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A. When an application for an original license under this article includes all of the required items and addresses, the application is complete and the director shall promptly notify the applicant in a record of the date on which the application is determined to be complete. The director shall approve or deny the application within one hundred twenty days after the completion date. If the application is not approved or denied within one hundred twenty days after the completion date, all of the following apply:
1. The application is approved.
2. The license takes effect as of the first business day after expiration of the one hundred twenty-day period.
3. The director for good cause may extend the application period.
B. The director's determination that an application is complete and is accepted for processing means only that the application, on its face, appears to include all of the items, including the criminal background check response from the federal bureau of investigation, and to address all of the matters that are required, and is not an assessment of the substance of the application or of the sufficiency of the information provided.
C. When an application is filed and considered complete under this section, the director shall investigate the applicant's financial condition and responsibility, financial and business experience, character and general fitness. The director may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The director shall issue a license to an applicant under this section if the director finds that all of the following conditions have been fulfilled:
1. The applicant has complied with sections 6-1209 and 6-1210.
2. The financial condition and responsibility, financial and business experience, competence, character and general fitness of the applicant and the competence, experience, character and general fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to allow the applicant to engage in money transmission.
D. If an applicant avails itself or is otherwise subject to a multistate licensing process, either:
1. The director may accept the investigation results of a lead investigative state for the purpose of subsection C of this section if the lead investigative state has sufficient staffing, expertise and minimum standards.
2. If this state is a lead investigative state, the director may investigate the applicant pursuant to subsection C of this section and the time frames established by agreement through the multistate licensing process apply, except that the time frame must also comply with the application period in subsection A of this section.
E. The director shall issue a formal written notice of the denial of a license application within thirty days after the decision is made to deny the application. The director shall set forth in the notice of denial the specific reasons for the denial of the application and inform the applicant of its right to appeal pursuant to title 41, chapter 6, article 10.
F. The initial license term shall begin on the day the application is approved. The license shall expire on December 31 of the year in which the license term began except that if the initial license date is between November 1 and December 31, the initial license term shall run through December 31 of the following year.