(a)No person shall, directly or indirectly, acquire control of a licensee unless the commissioner has first approved, in writing, the acquisition of control. An application to acquire control of a licensee shall be in writing, under oath, and in a form prescribed by the commissioner. The application shall contain that information which the commissioner may require.
(b)The commissioner shall not approve the application unless the commissioner finds all of the following:
(1)The applicant and all of the officers and directors of the applicant are of good character and sound financial standing.
(2)The applicant is competent to engage in the business of money transmission.
(3)It is reasonable to believe that, if the applicant acquires control of the licensee, the applicant and the licensee
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(a)
No person shall, directly or indirectly, acquire control of a licensee unless the commissioner has first approved, in writing, the acquisition of control. An application to acquire control of a licensee shall be in writing, under oath, and in a form prescribed by the commissioner. The application shall contain that information which the commissioner may require.
(b)
The commissioner shall not approve the application unless the commissioner finds all of the following:
(1)
The applicant and all of the officers and directors of the applicant are of good character and sound financial standing.
(2)
The applicant is competent to engage in the business of money transmission.
(3)
It is reasonable to believe that, if the applicant acquires control of the licensee, the applicant and the licensee will comply with all applicable provisions of this division and any regulation or order issued under this division.
(4)
The applicant’s plans, if any, to make any major change in the business, corporate structure, or management of the licensee are not detrimental to the safety and soundness of the licensee.
(c)
For the purposes of subdivision (b), the commissioner may find an applicant’s plan to make major changes in the management of a licensee is detrimental
to the licensee if the plan provides for a person who is not of good character to become a director or officer of the licensee. The grounds specified in this subdivision shall not be deemed to be the only grounds upon which the commissioner may find, for the purposes of subdivision (b), that an applicant’s plan to make a major change in the management of a licensee is detrimental to the licensee.
(d)
If it appears to the commissioner that any person is violating or failing to comply with this section, the commissioner may direct the person to comply with this section by an order issued over the commissioner’s official seal.
(e)
Whenever it appears to the commissioner that any person has committed or is about to commit a violation of any provision of this section or of any regulation
or order of the commissioner issued pursuant to this section, the commissioner may apply to the superior court for an order enjoining the person from violating or continuing to violate this section or that regulation or order, and for other equitable relief as the nature of the case or interests of the licensee, the controlling person, the creditors or shareholders of the licensee or controlling person or the public may require.
(f)
The commissioner may, for good cause, amend, alter, suspend, or revoke any approval of a proposal to acquire control of a licensee issued pursuant to this section.
(g)
There shall be exempted from the provisions of this section any transaction which the commissioner by regulation or order exempts as not being comprehended within the purposes of this section
and the regulation of which he or she finds is not necessary or appropriate in the public interest or for the protection of a licensee or the customers of a licensee.
(h)
The commissioner may conduct an examination of the applicant and the applicant shall pay the reasonable cost of the examination.