Issuance of license

  1. Law
  2. Arkansas Code
  3. Public Utilities and Regulated Industries
  4. Financial Institutions And Securities
  5. Uniform Money Services Act
  6. Currency Exchange Licenses
  7. Issuance of license

Checkout our iOS App for a better way to browser and research.

  1. (a) When an application for a license is made under this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant under this article if the commissioner finds that all of the following conditions have been fulfilled:

    1. (1) the applicant has complied with § 23-55-402; and

    2. (2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of, the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange.

  2. (b) When an application for an original license under this article is complete, the commissioner shall promptly notify the applicant in a record of the date on which the application was determined to be complete and:

    1. (1) the commissioner shall approve or deny the application within 120 days after that date; or

    2. (2) if the application is not approved or denied within 120 days after that date:

      1. (A) the application is deemed approved; and

      2. (B) the commissioner shall issue the license under this article, to take effect as of the first business day after expiration of the period.

  3. (c) The commissioner may for good cause extend the application period.

  4. (d) An applicant whose application is denied a license by the commissioner under this article may appeal, within 30 days after receipt of the notice of the denial, from the denial and request a hearing.

  5. (e) A license issued under this chapter expires at the close of business on December 31 of the calendar year unless the license is:

    1. (1) renewed according to this chapter;

    2. (2) surrendered by the license holder;

    3. (3) suspended; or

    4. (4) revoked by the commissioner.


Download our app to see the most-to-date content.