§ 40-22-108 — Application for license

(a) Each application for a license shall be made in
writing and in a form prescribed by the commissioner. Each
application shall include the following:
(i) The exact name of the applicant, the applicant's
principal address, any fictitious or trade name used by the
applicant in the conduct of its business and the location of the
applicant's business records;
(ii) The applicant's history of material litigation
and criminal convictions that relate to the practice of money
transmission or to the ability to practice money transmission
for the five (5) year period prior to the date of the
application;
(iii) A description of the activities conducted by
the applicant and a history of operations;
(iv) A description of the business activities in
which the applicant seeks to be engaged in the state;
(v) A list identifying the applicant's proposed
authorized delegates or subdelegates in the state, if any, at
the time of the filing of the license application;
(vi) A sample authorized delegate contract, if
applicable;
(vii) A sample form of payment instrument, if
applicable;
(viii) The location at which the applicant and its
authorized delegates and its subdelegates, if any, propose to
conduct the licensed activities in the state; and
(ix) The name and address of the clearing bank on
which payment instruments will be drawn or through which the
payment instruments will be payable.
(b) If the applicant is a corporation, the applicant shall
also provide:
(i) The date of the applicant's incorporation and
state of incorporation;
(ii) A certificate of good standing from the state in
which the applicant was incorporated;
(iii) A description of the corporate structure of the
applicant, including the identity of any parent or subsidiary of
the applicant and the disclosure of whether any parent or
subsidiary is publicly traded on any stock exchange;
(iv) The name, business and residence address and
employment history for the past five (5) years of the
applicant's executive officers and the officer or manager who
will be in charge of the applicant's licensed activities in this
state;
(v) The name, business and residence address, and
employment history for the period five (5) years prior to the
date of the application of any key shareholder of the applicant;
(vi) The history of material litigation and criminal
convictions for the five (5) year period prior to the date of
the application of every executive officer or key shareholder of
the applicant;
(vii) A copy of the applicant's most recent audited
financial statement including balance sheet, statement of income
or loss, statement of changes in shareholder equity and
statement of changes in financial position and if available, the
applicant's audited financial statements for the immediately
preceding two (2) year period. Provided, if the applicant is a
wholly owned subsidiary of another corporation, the applicant
may submit either the parent corporation's consolidated audited
financial statements for the current year and for the
immediately preceding two (2) year period or the parent
corporation's Form 10K reports filed with the United States
securities and exchange commission for the prior three (3) years
in lieu of the applicant's financial statements. If the
applicant is a wholly owned subsidiary of a corporation having
its principal place of business outside the United States,
similar documentation filed with the parent corporation's non
United States regulator may be submitted to satisfy this
provision; and
(viii) Copies of all filings, if any, made by the
applicant with the United States securities and exchange
commission or with a similar regulator in a country other than
the United States, within the year preceding the date of filing
of the application.
(c) If the applicant is not a corporation, the applicant
shall also provide:
(i) The name, business and residence address,
personal financial statement and employment history for the past
five (5) years, of each principal of the applicant and the name,
business and residence address and employment history for the
past five (5) years of any other person or persons who will be
in charge of the applicant's licensed activities;
(ii) The place and date of the applicant's
registration or qualification to do business in this state;
(iii) The history of material litigation and criminal
convictions for the five (5) year period prior to the date of
the application for each individual having any ownership
interest in the applicant and each individual who exercises
supervisory responsibility with respect to the applicant's
activities; and
(iv) Copies of the applicant's audited financial
statements including balance sheet, statement of income or loss
and statement of changes in financial position for the current
year and if available, for the immediately preceding two (2)
year period.
(d) The commissioner is authorized for good cause shown,
to waive any requirement of this section with respect to any
license application or to permit a license applicant to submit
substituted information in its license application in lieu of
the information required by this section.
(e) The commissioner may require a licensee under this act
or an applicant for a license issued under this act to submit to
a background investigation including fingerprint checks for
state, national and international criminal history record checks
as necessary. While exercising his authority under this
subsection, the commissioner may utilize background checks
completed by the division of criminal investigation, other
government agencies in this state or in other states, the
federal bureau of investigation or the registry or any other
entity designated by the registry.
(f) The commissioner may determine the content of
application forms and the means by which an applicant applies
for, renews or amends a license under this act. The
commissioner may allow applicants to utilize the registry or an
entity designated by the registry for the processing of
applications and fees.
(g) In order to fulfill the purposes of this act, the
commissioner may establish relationships or contract with the
registry or any other entity designated by the registry to
collect and maintain records and process transaction fees or
other fees related to licensees or other persons subject to this
act.
(h) In connection with an application for licensing the
applicant shall, at a minimum, furnish the commissioner or the
registry information concerning the identity of the applicant,
the owners or persons in charge of the applicant and individuals
designated in charge of the applicant's places of business,
including:
(i) Fingerprints for submission to the federal bureau
of investigation, and any governmental agency or entity
authorized to receive such information for a state, national and
international criminal history background check; and
(ii) Personal history and experience, including the
submission of authorization for the registry or the commissioner
to obtain:
(A) An independent credit report obtained from a
consumer reporting agency described in section 603(p) of the
federal Fair Credit Reporting Act; and
(B) Information related to any administrative,
civil or criminal findings by any governmental jurisdiction.
(j) For the purposes of this section and in order to
reduce the points of contact which the federal bureau of
investigation may have to maintain for purposes of paragraph
(h)(i) of this section and subparagraph (h)(ii)(B) of this
section, the commissioner may use the registry as a channeling
agent for requesting information from and distributing
information to the department of justice or any governmental
agency.
(k) For the purposes of this section and in order to
reduce the points of contact which the commissioner may have to
maintain for purposes of paragraph (h)(ii) of this section, the
commissioner may use the registry as a channeling agent for
requesting and distributing information to and from any source
as directed by the commissioner.