§ 40-22-110 — Issuance of license

Wyoming § 40-22-110

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 22: WYOMING MONEY TRANSMITTERS ACT

Text

(a) After the applicant files an application, the
commissioner shall investigate the financial condition and
responsibility, financial and business experience, character and
general fitness of the applicant. The commissioner may conduct
an on site investigation of the applicant, the reasonable cost
of which shall be borne by the applicant. If the commissioner
finds that the applicant's business will be conducted honestly,
fairly and in a manner commanding the confidence and trust of
the community and that the applicant has fulfilled the
requirements imposed by this act and has paid the required
application fee, the commissioner shall issue a license to the
applicant authorizing the applicant to engage in the licensed
activities in this state for a term of one (1) year. If these
requirements have not been met, the commissioner shall deny the
application in writing setting forth the reasons for the denial.
(b) The commissioner shall approve or deny every
application for an original license within one hundred twenty
(120) days from the date a complete application is submitted,
provided the time period may be extended with written consent of
the applicant. The commissioner shall notify the applicant of
the date when the application is deemed complete. In the absence
of approval or denial of the application within time period
allowed or consented to, the application is deemed approved and
the commissioner shall issue the license effective as of the
first day after the one hundred twenty (120) day or extended
period has elapsed.
(c) Any applicant aggrieved by a denial issued by the
commissioner under this section may at any time within thirty
(30) days from the date of receipt of written notice of the
denial request a hearing before the commissioner.