(b) The director, by rule, may conform the practices, procedures and information that the Department of Consumer and Business Services uses to issue and renew licenses for conducting a money transmission business to the requirements of the Nationwide Multistate Licensing System.
(2) For all applicants, the application must contain:
(a) The applicant’s exact name and principal address, any fictitious name, assumed business name or trade name the applicant uses to conduct business and the location of the applicant’s business records;
(b) The history of the applicant’s material litigation and criminal convictions for the five-year period before the date of the application;
(c) A history of operations and a description of the business activities in which the applicant seeks to engage in this state;
(d) A list of the applicant’s proposed authorized delegates in the state, if any, at the time the applicant files the license application;
(e) A sample authorized delegate contract, if applicable;
(f) A sample form of payment instrument, if applicable;
(g) The address of each location at which the applicant and the applicant’s authorized delegates, if any, propose to conduct a money transmission business in this state;
(h) The name and address of the clearing bank or banks on which the applicant’s payment instruments will be drawn or through which the payment instruments will be payable;
(i) A business plan; and
(j) Fingerprints for each individual who has an ownership interest in the applicant and for each individual with supervisory responsibility over the applicant’s activities, with which the director may conduct a criminal records check that the director may process through the Nationwide Multistate Licensing System.
(3) If the applicant is a corporation, the application must contain all of these items:
(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 years of the applicant’s executive officers and the officers or managers who will be in charge of the applicant’s money transmission business.
(e) The name, business and residence address of the applicant’s controlling shareholders and the controlling shareholders’ employment histories for the five-year period before the date of the application.
(f) The history of material litigation and criminal convictions for all of the applicant’s executive officers and controlling shareholders in the five-year period before the date of the application.
(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, a copy of the applicant’s audited financial statements for the immediately preceding two-year period. 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-year period, or the parent corporation’s Form 10K reports filed with the United States Securities and Exchange Commission for the prior three years, in lieu of the applicant’s financial statements. If the applicant is a wholly owned subsidiary of a corporation with a principal place of business outside the United States, the applicant may submit similar documentation filed with the parent corporation’s foreign regulator to satisfy the requirements of this paragraph.
(h) Copies of all filings, if any, the applicant made 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 the application.
(4) If the applicant is not a corporation, the application must contain:
(a) The name, business and residence address, personal financial statement and employment history for the past five years of each principal of the applicant and the name, business and residence address, and employment history for the past five years of any other person that will be in charge of the applicant’s money transmission business;
(b) The history of material litigation and criminal convictions in the five-year period before the date of the application for each individual who has any ownership interest in the applicant and each individual who exercises supervisory responsibility with respect to the applicant’s activities; and
(c) 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, a copy of the applicant’s audited financial statements for the immediately preceding two-year period.
(5) The director, for good cause shown or in order to conform the department’s licensing and license renewal program to the requirements of the Nationwide Multistate Licensing System, may waive any requirement of this section with respect to any license application or may allow an applicant to submit substituted information in a license application in lieu of the information required under subsection (2) of this section. [1999 c.571 §6; 2005 c.21 §12; 2015 c.118 §8; 2019 c.106 §4]