2020 California Code
Financial Code - FIN
DIVISION 1.2 - MONEY TRANSMISSION ACT
CHAPTER 3 - Licenses
Section 2032.
(a) An applicant for licensure under this division shall pay to the commissioner a nonrefundable fee of five thousand dollars ($5,000).
(b) An applicant for a license under this division shall do so in a form and in a medium prescribed by the commissioner by order or regulation. The application shall state or contain all of the following:
(1) The legal name and residential business address of the applicant and any fictitious or trade name used by the applicant in conducting its business.
(2) A list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the 10-year period next preceding the submission of the application.
(3) A description of any money transmission services previously provided by the applicant and the money transmission services that the applicant seeks to provide in this state.
(4) A list of the applicant’s proposed agents and the locations in this state where the applicant and its agents propose to engage in money transmission.
(5) A list of other states in which the applicant is licensed to engage in money transmission and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state.
(6) Information concerning any bankruptcy or receivership proceedings affecting the licensee.
(7) A sample form of payment instrument or instrument upon which stored value is recorded, if applicable.
(8) A sample form of receipt for transactions that involve money received for transmission.
(9) The name and address of any bank through which the applicant’s payment instruments and stored value will be paid.
(10) A description of the source of money and credit to be used by the applicant to provide money transmission services.
(11) The date of the applicant’s incorporation or formation and the state or country of incorporation or formation.
(12) A certificate of good standing from the state or country in which the applicant is incorporated or formed.
(13) A description of the structure or organization of the applicant, including any parent or subsidiary of the applicant, and whether any parent or subsidiary is publicly traded.
(14) The legal name, any fictitious or trade name, all business and residential addresses, and the employment, in the 10-year period next preceding the submission of the application, of each executive officer, manager, director, or person that has control, of the applicant, and the educational background for each person.
(15) A list of any criminal convictions and material litigation in which any executive officer, manager, director, or person in control, of the applicant has been involved in the 10-year period next preceding the submission of the application.
(16) A copy of the applicant’s audited financial statements for the most recent fiscal year and, if available, for the two-year period next preceding the submission of the application.
(17) A copy of the applicant’s unconsolidated financial statements for the current fiscal year, whether audited or not, and, if available, for the two-year period next preceding the submission of the application.
(18) If the applicant is publicly traded, a copy of the most recent report filed with the United States Securities and Exchange Commission under Section 13 of the federal Securities Exchange Act of 1934 (15 U.S.C. Sec. 78m).
(19) If the applicant is a wholly owned subsidiary of:
(A) A corporation publicly traded in the United States, 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 under Section 13 of the federal Securities Exchange Act of 1934 (15 U.S.C. Sec. 78m) and, if available, for the two-year period next preceding the submission of the application.
(B) A corporation publicly traded outside the United States, a copy of similar documentation filed with the regulator of the parent corporation’s domicile outside the United States.
(20) The name and address of the applicant’s registered agent in this state.
(21) The applicant’s plan for engaging in money transmission business, including without limitation three years of pro forma financial statements.
(22) Any other information the commissioner requires with respect to the applicant.
(c) The commissioner may waive any of the information required under subdivision (b) or permit an applicant to submit other information instead of the required information.
(Amended by Stats. 2014, Ch. 499, Sec. 5. (AB 2209) Effective January 1, 2015.)
