I. When an application for an original license under this chapter appears to include all the items and addresses all of the matters that are required, the application is complete and the commissioner shall promptly notify the applicant in a record of the date on which the application is determined to be complete, and:
(a)The commissioner shall approve or deny the application within 120 days after the completion date; or
(b)If the application is not approved or denied within 120 days after the completion date, the application is approved and the license takes effect as of the first business day after expiration of the 120-day period.
II. The commissioner may extend the time period for review provided for in paragraph I upon written agreement of the applicant.
III. A determination by the c
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I. When an application for an original license under this chapter appears to include all the items and addresses all of the matters that are required, the application is complete and the commissioner shall promptly notify the applicant in a record of the date on which the application is determined to be complete, and:
(a) The commissioner shall approve or deny the application within 120 days after the completion date; or
(b) If the application is not approved or denied within 120 days after the completion date, the application is approved and the license takes effect as of the first business day after expiration of the 120-day period.
II. The commissioner may extend the time period for review provided for in paragraph I upon written agreement of the applicant.
III. A determination by the commissioner 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 FBI, and addresses 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.
IV. When an application is filed and considered complete under this section, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant under this section if he or she finds that the following conditions have been fulfilled:
(a) The applicant has complied with the requirements of this chapter; and
(b) 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 permit the applicant to engage in money transmission.
V. If an applicant avails itself or is otherwise subject to a multistate licensing process:
(a) The commissioner is authorized and encouraged to accept the investigation results of a lead investigative state for the purpose of paragraph IV if the lead investigative state has sufficient staffing, expertise, and minimum standards; or
(b) If New Hampshire is a lead investigative state, the commissioner is authorized and encouraged to investigate the applicant pursuant to paragraph IV and the timeframes established by agreement through the multistate licensing process, provided however, that in no case shall such timeframe be noncompliant with the application period in paragraph I.
VI. The commissioner shall issue a formal written notice of the denial of a license application within 30 days of the decision to deny the application. The commissioner shall set forth in the notice of denial the specific reasons for the denial of the application. An applicant whose application is denied by the commissioner may appeal within 30 days after receipt of the written notice of the denial pursuant to RSA 541-A.
VII. 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, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year.