§ 9-564 — License application; requirements; fee

Kansas § 9-564

• Jurisdiction: Kansas
• Ch. 9: BANKS AND BANKING; TRUST COMPANIES
• Art. 5: MISCELLANEOUS PROVISIONS

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(a) Applicants for a license shall submit a completed application in a form and manner as prescribed by the commissioner. Each such application shall contain content as set forth by rules and regulations, instruction or procedure of the commissioner and may be changed or updated by the commissioner in accordance with applicable law to carry out the purposes of this act and maintain consistency with nationwide multistate licensing system and registry licensing standards and practices. The application shall state or contain, as applicable:
(1) The legal name and any fictitious or trade name used by the applicant in conducting business and the residential and business addresses of the applicant;
(2) a list of any criminal convictions of the applicant and any material litigation in which the applicant was involved in the 10-year period immediately preceding the submission of the application;
(3) a description of any money transmission services previously provided by the applicant and the money transmission services the applicant seeks to provide in Kansas;
(4) a list of the applicant's proposed authorized delegates and the locations in Kansas where the applicant and the applicant's authorized delegates propose to engage in money transmission;
(5) a list of all other states where the applicant is licensed to engage in money transmission and any license revocations, suspensions or other disciplinary action taken against the applicant in other states;
(6) information concerning any bankruptcy or receivership proceedings affecting the licensee or a person in control of a licensee;
(7) a sample form of the contract for authorized delegates, if applicable;
(8) a sample form of the payment instrument or stored value, as applicable;
(9) the name and address of any federally insured depository financial institution through which the applicant plans to conduct money transmission; and
(10) any other information the commissioner or the nationwide multistate licensing system and registry reasonably requires regarding the applicant.
(b) If an applicant is a corporation, limited liability company, partnership or other legal 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) a certificate of good standing from the state or country where the applicant is incorporated or formed, if applicable;
(3) a brief description of the business structure or organization of the applicant, including any parents or subsidiaries of the applicant and whether any such parents or subsidiaries are publicly traded;
(4) the legal name, any fictitious or trade name, all business and residential addresses and the employment, as applicable, for the 10-year period immediately preceding the submission of the application for each key individual and person in control of the applicant;
(5) for any person in control of the applicant, a list of any felony convictions and for the 10-year period immediately preceding the submission of the application, a list of any criminal misdemeanor convictions of a crime of dishonesty, fraud or deceit and any material litigation in which the person involved is in control of an applicant that is not an individual;
(6) a copy of the applicant's audited financial statements for the most recent fiscal year and for the two-year period immediately preceding the most recent fiscal year or, if acceptable to the commissioner, certified unaudited financial statements for the most recent fiscal year or other period acceptable to the commissioner;
(7) a certified copy of the applicant's unaudited financial statements for the most recent fiscal quarter;
(8) if the applicant is a publicly traded corporation, a copy of the most recent report filed with the securities and exchange commission pursuant to 15 U.S.C. § 78m;
(9) if the applicant is a wholly owned subsidiary of:
(A) A corporation publicly traded in the United States, a copy of the parent corporation's audited financial statements for the most recent fiscal year or a copy of the parent corporation's most recent financial report filed with the securities and exchange commission pursuant to 15 U.S.C. § 78m; or
(B) a corporation publicly traded outside the United States, a copy of documentation similar to the requirements of paragraph (A) filed with the regulator of the parent corporation's domicile outside the United States;
(10) the name and address of the applicant's registered agent in Kansas; and
(11) any other information that the commissioner reasonably requires regarding the applicant.
(c) The commissioner shall set a nonrefundable new application fee each year pursuant to K.S.A. 2024 Supp. 9-557(b), and amendments thereto.
(d) The commissioner may waive one or more requirements of subsections (a) or (b) or permit an applicant to submit other information in lieu of the required information.
(e) This section shall take effect on and after January 1, 2025.

Legislative History

L. 2024, ch. 64, § 10; July 1.