§ 11-110-503 — Application for license - license fee - rules

(1) An applicant for
a license shall apply with the banking board in a form and in a medium prescribed
by the board. The board by rule or procedure shall determine the content of the
application and may change or update the application in accordance with
applicable law or to carry out the purposes of this article 110 and maintain
consistency with NMLS licensing standards or practices. The application must state
or contain, as applicable:

(a) The legal name and residential and business addresses of the applicant
and any fictitious or trade name used by the applicant in conducting the applicant's
business;

(b) A list of any criminal convictions of the applicant and any material
litigation in which the applicant has been involved in the ten-year period
immediately preceding the submission of the application;

(c) A description of any money transmission previously provided by the
applicant and the money transmission that the applicant seeks to provide in this
state;

(d) A list of the applicant's proposed authorized delegates and the locations
in this state where the applicant and the applicant's authorized delegates propose
to engage in money transmission;

(e) A list of other states in which the applicant is licensed to engage in
money transmission and any license revocations, suspensions, or other disciplinary
action taken against the applicant in another state;

(f) Information concerning any bankruptcy or receivership proceedings
affecting the applicant or a person in control of an applicant;

(g) A sample form of contract for authorized delegates, if applicable;

(h) A sample form of payment instrument or stored value, as applicable;

(i) The name and address of any federally insured depository financial
institution through which the applicant plans to conduct money transmission; and

(j) Any other information the board or NMLS reasonably requires with
respect to the applicant.

(2) If an applicant is a corporation, limited liability company, partnership, or
other legal entity, the applicant shall also provide:

(a) The date of the applicant's incorporation or formation and state or
country of incorporation or formation;

(b) If applicable, a certificate of good standing from the state or country in
which the applicant is incorporated or formed;

(c) A brief description of the structure or organization of the applicant,
including any parents or subsidiaries of the applicant, and whether any parents or
subsidiaries are publicly traded;

(d) The legal name, any fictitious or trade name, all business and residential
addresses, and the employment, as applicable, in the ten-year period immediately
preceding the submission of the application of each key individual and person in
control of the applicant;

(e) A list of any criminal convictions and material litigation in which a person
in control of the applicant that is not an individual has been involved in the ten-year
period immediately preceding the submission of the application;

(f) A copy of audited financial statements of the applicant for the most
recent fiscal year and for the two-year period immediately preceding the
submission of the application or, if determined to be acceptable to the banking
board, certified unaudited financial statements for the most recent fiscal year or
other period acceptable to the board;

(g) A certified copy of unaudited financial statements of the applicant for
the most recent fiscal quarter;

(h) If the applicant is a publicly traded corporation, a copy of the most recent
report filed with the United States securities and exchange commission under
section 13 of the federal Securities Exchange Act of 1934, 15 U.S.C. sec. 78m, as
amended;

(i) If the applicant is a wholly owned subsidiary of:

(I) 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 section 13 of the
federal Securities Exchange Act of 1934, 15 U.S.C. sec. 78m, as amended; or

(II) 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;

(j) The name and address of the applicant's registered agent in this state;
and

(k) Any other information the banking board reasonably requires with
respect to the applicant.

(3) An applicant must submit a nonrefundable license fee, as determined by
the banking board, with the application for a license.

(4) The banking board may waive one or more requirements of subsection (1)
or (2) of this section or permit an applicant to submit other information in lieu of the
required information.

Legislative History

Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 388, � 1, effective August 6.