US Laws, Codes, Statutes & Cases

                                  TITLE  26
                              BANKS AND BANKING
                                  CHAPTER 29
                              MONEY TRANSMISSION
    26-2907.  LICENSE APPLICATION. Each application for a license under the
provisions of this chapter shall be made in writing, under oath, and in a form
prescribed by the director. Each application shall contain:
    (1)  For all applicants:
    (a)  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;
    (b)  The history of the applicant's material litigation for the five (5)
    year period prior to the date of the application and any nontraffic
    related criminal convictions or withheld judgments;
    (c)  A description of the activities conducted by the applicant and a
    history of operations;
    (d)  A description of the business activities in which the applicant seeks
    to be engaged in this state;
    (e)  A list identifying the applicant's proposed authorized
    representatives in this state;
    (f)  A sample authorized representative contract, if applicable;
    (g)  A sample form of payment instrument, if applicable;
    (h)  The location(s) at which the applicant and its authorized
    representatives, if any, propose to conduct the licensed activities in
    this state; and
    (i)  The name and address 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.
    (2)  If the applicant is a corporation, the applicant must also provide:
    (a)  The date of the applicant's incorporation and state of incorporation;
    (b)  A certificate of good standing from the state in which the applicant
    was incorporated;
    (c)  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;
    (d)  The name, business and residence address, and employment history for
    the past five (5) years of the applicant's executive officers and the
    officer(s) or manager(s) who will be in charge of the applicant's
    activities to be licensed hereunder;
    (e)  The name, business and residence address, and employment history for
    the five (5) year period preceding the date of the application of any key
    shareholder of the applicant;
    (f)  The history of material litigation and nontraffic related criminal
    convictions or withheld judgments for the five (5) year period preceding
    the date of the application of every current director, executive officer,
    or key shareholder of the applicant;
    (g)  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. However, 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 may be
    submitted with the applicant's unaudited 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. In the event any
    applicant does not otherwise obtain audited financial statements, such
    applicant shall, in lieu of audited financial statements required in this
    section, furnish the director with federal income tax returns covering the
    required periods together with copies of such unaudited, compiled, or
    reviewed financial statements as the applicant shall have prepared or
    obtained for other purposes, including, without limitation, the most
    recent financial statements, if any, furnished to the applicant's bank or
    other lending institution; and
    (h)  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.
    (3)  If the applicant is not a corporation, the applicant must also
provide:
    (a)  The name, business and residence address, personal financial
    statement and employment history, for the five (5) year period prior to
    the date of the application, 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 activities to be licensed hereunder;
    (b)  The place and date of the applicant's registration or qualification
    to do business in this state;
    (c)  The history of material litigation for the five (5) year period prior
    to the date of the application and any nontraffic related criminal
    convictions or withheld judgments 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
    (d)  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. In the event any applicant does
    not otherwise obtain audited financial statements, such applicant shall,
    in lieu of audited financial statements required in this section, furnish
    the director with federal income tax returns covering the required periods
    together with copies of such unaudited, compiled or reviewed financial
    statements as the applicant shall have prepared or obtained for other
    purposes, including, without limitation, the most recent financial
    statements, if any, furnished to applicant's bank or other lending
    institution.
    (4)  The director 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 in this section.