2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 11 - Money Transmitters 11.11-009 Contents of application -- Additional information to be provided by corporate applicants -- Power of commissioner to waive requirements.
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286.11-009 Contents of application -- Additional information to be provided
by corporate applicants -- Power of commissioner to waive requirements.
(1)
Each application for a license under this subtitle shall be made in writing and in
a form and medium prescribed by regulation by the commissioner. The
application shall state or contain the following:
(a) The legal name of the applicant, business addresses, and residential
addresses, if applicable, of the applicant, and any fictitious or trade name
used by the applicant in conducting its business;
(b) The legal name, residential and business addresses, date of birth, Social
Security number, and employment history for the five (5) year period
preceding the filing of the application, of the applicant's proposed
responsible individual;
(c) A list and description of any criminal conviction, other than a traffic
violation, of the applicant and proposed responsible individual, for the ten
(10) year period preceding the filing of the application. The commissioner
may request a copy of any criminal conviction from the applicant, which
shall be promptly provided by the applicant to the commissioner within ten
(10) working days of the request;
(d) A list and description of any material litigation of the applicant and
proposed responsible individual, for the ten (10) year period preceding the
filing of the application. The commissioner may request a copy of any
material litigation from the applicant, which shall be promptly provided by
the applicant to the commissioner within ten (10) working days of the
request;
(e) A description of the activities conducted by the applicant and a history of
operations, including, if applicable, a description of any money
transmission that has been previously provided by the applicant in this
state;
(f) A list of other states or countries in which the applicant is licensed to
engage in money transmission or other similar money services, and any
license revocations, suspensions, restrictions, or other disciplinary action
taken against the applicant in another state or country;
(g) A list of any license revocations, suspensions, restrictions, or other
disciplinary action taken against any money transmission business
involving the proposed responsible individual;
(h) A description of the source of money and credit to be used by the
applicant to provide money transmissions;
(i) A sample form of contract for an agent;
(j) A sample form of payment instrument;
(k) Information concerning any bankruptcy, reorganization, or receivership
proceedings involving or affecting the applicant or the proposed
responsible individual;
(l) A list identifying the name, physical location or locations, and telephone
number at which the applicant and its proposed agents intend to conduct
money transmission business in the state at the time of the filing of the
(2)
license application;
(m) The name, address, and telephone number of the clearing bank or banks
on which the applicant's payment instruments will be drawn or through
which such payment instruments will be payable;
(n) A copy of the written procedures that will be provided by the applicant or
licensee to its agent or agents;
(o) That neither the applicant, nor any executive officer, nor person who
exercises control over the applicant, nor key shareholder, nor any
proposed agent, nor the proposed responsible individual, is listed on the
specially designated nationals and blocked persons list prepared by the
United States Department of the Treasury or the United States
Department of State under Presidential Executive Order No. 13224 as a
potential threat to commit terrorist acts and to finance terrorist acts; and
(p) Any other information regarding the background, experience, character,
financial responsibility, or general fitness of the applicant, the applicant's
responsible individual, or agent that the commissioner may require by rule
or order.
If the applicant is a corporation, limited liability company, partnership, or other
entity, then the applicant shall also provide:
(a) A copy of the applicant's filed articles of incorporation;
(b) The name, address, and telephone number of the registered process
agent of the applicant in this state;
(c) If applicable, then a certificate of good standing from the state or country
in which the applicant was incorporated or formed;
(d) 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;
(e) The legal name, any fictitious or trade name, all business and residence
addresses, date of birth, Social Security number, and employment history
for the ten (10) year period preceding the filing of the application for each
executive officer, board director, key shareholder, or person that has
control of the applicant;
(f) Copies and description of material litigation for the ten (10) year period
prior to the filing date of the application of every executive officer or key
shareholder of the applicant;
(g) Copies and descriptions of criminal convictions, other than traffic
violations, for the ten (10) year period prior to the filing date of the
application of every executive officer or key shareholder of the applicant;
(h) A copy of the applicant's audited financial statements for the most recent
fiscal year or, if the applicant is a wholly owned subsidiary of another
corporation, the most recent audited consolidated annual financial
statement of the parent corporation or the applicant's most recent audited
consolidated annual financial statements and, in each case, if available,
for the two (2) year period preceding the filing of the application;
(i)
(3)
(4)
(5)
A copy of the applicant's unconsolidated financial statements for the
current fiscal year, whether audited or not, and, if available, for the two (2)
year period preceding the filing of the application;
(j) If the applicant is publicly traded, then a copy of the most recent report
filed with the United States Securities and Exchange Commission
pursuant to 15 U.S.C. sec. 78m;
(k) If the applicant is a wholly owned subsidiary of:
1.
A corporation publicly traded in the United States, then 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 with the United States Securities and Exchange
Commission pursuant to 15 U.S.C. sec. 78m; or
2.
A corporation publicly traded outside of the United States, a copy of
similar documentation for the most recent fiscal year filed with the
regulator of the parent corporation's domicile outside the United
States.
Every corporate applicant, at the time of filing of an application for a license
under this subtitle and at all times after a license is issued, shall be in good
standing in the state of its incorporation.
Every applicant shall, at the time of the filing of an application for a license
under this subtitle and at all times after a license is issued, be registered or
qualified to do business in this state.
The commissioner is authorized, for good cause, 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.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 835, effective July 15, 2010. -Created 2006 Ky. Acts ch. 247, sec. 5, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in
2006 Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that
same bill also required that all sections of KRS Chapters 287, 288, 290, 291,
294, 366, 366A, and 368 be renumbered as sections of a single KRS chapter
entitled the "Kentucky Financial Services Code." Therefore, the Statute Reviser,
acting under KRS 7.136(1), has codified this section as a new section of KRS
Chapter 286.
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