Source: https://law.justia.com/codes/arkansas/2012/title-23/subtitle-2/chapter-55/article-2/section-23-55-202/
Timestamp: 2019-10-20 15:24:04
Document Index: 738492106

Matched Legal Cases: ['§ 23', '§ 23', '§ 23', '§ 23', '§ 13', '§ 78', '§ 13', '§ 78', '§ 23']

§ 23-55-202 - Application for license. :: 2012 Arkansas Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes Arkansas Code 2012 Arkansas Code Title 23 - Public Utilities and Regulated Industries Subtitle 2 - Financial Institutions And Securities Chapter 55 - Uniform Money Services Act. Article 2 - Money Transmission Licenses § 23-55-202 - Application for license.
Subtitle 2 - Financial Institutions And Securities
Chapter 55 - Uniform Money Services Act.
Article 2 - Money Transmission Licenses
§ 23-55-202 - Application for license.
AR Code § 23-55-202 (2012) What's This?
(a) In this section, "material litigation" means litigation that according to generally accepted accounting principles is significant to an applicant's or a licensee's financial health and would be required to be disclosed in the applicant's or licensee's annual audited financial statements, report to shareholders, or similar records.
(b) A person applying for a license under this article shall do so in a form and in a medium prescribed by the commissioner. The application must state or contain:
(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 services previously provided by the applicant and the money services that the applicant seeks to provide in this State;
(4) a list of the applicant's proposed authorized delegates and the locations in this State where the applicant and its authorized delegates propose to engage in money transmission or provide other money services;
(5) a list of other States in which the applicant is licensed to engage in money transmission or provide other money services 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;
(10) any other information the commissioner reasonably requires with respect to the applicant.
(c) If an applicant is a corporation, limited liability company, partnership, or other entity, the applicant shall also provide:
(1) the date of the applicant's incorporation or formation and State or country of incorporation or formation;
(4) 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;
(5) 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;
(8) if the applicant is publicly traded, a copy of the most recent report filed with the United States Securities and Exchange Commission under § 13 of the federal Securities Exchange Act of 1934, 15 U.S.C. § 78m (1994 & Supp. V 1999);
(9) evidence of the applicant's registration or qualification to do business in this state;
(10) 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 § 13 of the federal Securities Exchange Act of 1934, 15 U.S.C. § 78m (1994 & Supp. V 1999); or
(11) if the applicant has a registered agent in this State, the name and address of the applicant's registered agent in this State; and
(12) any other information the commissioner reasonably requires with respect to the applicant.
(d) A nonrefundable application fee of $1,500 and a license fee of $750 must accompany an application for a license under this article. The license fee must be refunded if the application is denied.
(e) The commissioner may waive one or more requirements of subsections (b) and (c) or permit an applicant to submit other information in lieu of the required information.
(f) The application shall be accompanied by the surety bond required by § 23-55-204.