Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007) › Section 23-55-205 - Issuance of license

(a)
When an application is filed 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)
the applicant has complied with §§
23-55-202
,
23-55-204
, and
23-55-207
;
(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 money transmission; and
(3)
an applicant, an officer, a person who exercises control over the applicant, or a responsible individual shall not be listed on a specially designated nationals and blocked persons list prepared by the United States Department of the Treasury or as an individual or entity designated by the United States Department of State under Exec. Order No. 13224, issued on September 23, 2001, 66 Fed. Reg. 49079.
(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)
the commissioner shall approve or deny the application within 120 days after that date; or
(2)
if the application is not approved or denied within 120 days after that date:
(A)
the application is deemed approved; and
(B)
the commissioner shall issue the license under this article, to take effect as of the first business day after expiration of the 120-day period.
(c)
The commissioner may for good cause extend the application period.
(d)
An applicant whose application is denied 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 before the commissioner.
(e)
A license issued under this article expires annually at the close of business on December 31 unless the license is:
(1)
renewed according to this article;
(2)
surrendered by the license holder;
(3)
suspended; or
(4)
revoked by the commissioner.
(f)
(1)
A money transmitter licensee may surrender a license by providing the commissioner with a written notice of surrender through the automated licensing system approved by the commissioner.
(2)
The written notice of surrender shall include notice of where the records of the money transmitter licensee will be stored and the name, address, telephone number, and other contact information of a responsible party who is authorized to provide access to the records.
(3)
The surrender of a license does not reduce or eliminate the civil or criminal liability of a money transmitter licensee arising from acts or omissions occurring before the surrender of the license, including any administrative actions undertaken by the commissioner to revoke or suspend a license, to assess fines, to order payment of restitution, or to exercise any other authority authorized under this chapter.
Amended by Act 2021, No. 532,§ 10, eff. 7/28/2021.
Amended by Act 2021, No. 532,§ 9, eff. 7/28/2021.
Acts 2007, No. 1595, § 1; 2009, No. 486, § 10; 2011, No. 733, § 5.