2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.050 - Application for license: Form and medium; contents; bond or securities; financial statement; fees and expenses; regulations; withdrawal of application.

1. Every application for a license required pursuant to this chapter must be in writing, signed by the applicant, and in the form and medium prescribed by the Commissioner.
2. The application must contain:
(a) A list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the 10 years immediately preceding the date on which the application is submitted;
(b) A description of any money transmission previously provided by the applicant and the money transmission that the applicant seeks to provide in this State;
(c) A list of the applicant’s proposed authorized delegates and the locations in this State where the applicant and authorized delegates propose to engage in money transmission;
(d) A list of other states in which the applicant is licensed to engage in money transmission and any suspension or revocation of such a license or other disciplinary action taken against the applicant in another state;
(e) Information concerning any proceeding involving bankruptcy or receivership affecting the applicant or a person in control of the applicant;
(f) A sample form of contract for authorized delegates, if applicable;
(g) A sample form of payment instrument or stored value, as applicable;
(h) The name and address of any federally insured depository financial institution or privately insured depository financial institution through which the applicant plans to conduct money transmission; and
(i) Such other pertinent information as the Commissioner or Registry requires.
3. If the applicant is a business entity, the application must also contain:
(a) The date on which the applicant was incorporated or formed and the state or country in which the applicant was incorporated or formed;
(b) A certificate of good standing from the state or country in which the applicant was incorporated or formed, if applicable;
(c) A brief description of the structure or organization of the applicant, including, without limitation, information concerning any parents or subsidiaries of the applicant and whether any parent or subsidiary is publically traded;
(d) The legal name, any fictitious or trade name, each business and residential address and the employment history, as applicable, in the 10 years immediately preceding the submission of the application of each key individual and person in control of the applicant;
(e) A list of any criminal convictions and material litigation in which a person in control of the applicant that is not a natural person has been involved in the 10 years immediately preceding the submission of the application;
(f) A copy of audited financial statements of the applicant for the most recent fiscal year and for the 2 years immediately preceding the submission of the application;
(g) A certified copy of unaudited financial statements of the applicant for the most recent fiscal quarter;
(h) If the applicant is a publicly traded corporation, a copy of the most recent report filed with the United States Securities and Exchange Commission pursuant to 15 U.S.C. § 78m, as amended;
(i) If the applicant is a wholly owned subsidiary of:
(1) 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 most recent report filed by the parent corporation pursuant to 15 U.S.C. § 78m, as amended; or
(2) A corporation publicly traded outside the United States, a copy of documentation similar to that described in subparagraph (1) filed with the regulator of the domicile of the parent corporation outside the United States;
(j) The name and address of the registered agent of the applicant in this State; and
(k) Such other pertinent information as the Commissioner or Registry requires.
4. In addition to the application required by subsection 2, the applicant must also provide to the Commissioner:
(a) A surety bond or securities as required by this chapter.
(b) An audited financial statement, satisfactory to the Commissioner, showing that the applicant’s tangible net worth meets the requirements set forth in NRS 671.115.
(c) A nonrefundable fee of not more than $500 for the application and survey. The applicant shall also pay such additional expenses incurred in the process of investigation as the Commissioner deems necessary.
(d) A fee of not less than $200 or more than $400, prorated on the basis of the licensing year as provided by the Commissioner.
5. The Commissioner shall adopt regulations establishing:
(a) The form and medium of any additional content required to be included in an application for a license. The regulations may require such an application to be in such form and medium and contain such additional content that the Commissioner determines to be necessary to carry out the purposes of this chapter and maintain consistency with the licensing standards and practices of the Registry.
(b) The amount of the fees required pursuant to this section. All money received by the Commissioner pursuant to this section must be placed in the Investigative Account created by NRS 232.545.
6. The Commissioner shall consider an application to be withdrawn if the Commissioner has not received all information and fees required to complete the application within 6 months after the date the application is first submitted to the Commissioner or within such later period as the Commissioner determines in accordance with any existing policies of joint regulatory partners. If an application is deemed to be withdrawn pursuant to this subsection or if an applicant otherwise withdraws an application, the Commissioner may not issue a license to the applicant unless the applicant submits a new application and pays any required fees.
(Added to NRS by 1977, 1084; A 1981, 755; 1983, 1319, 1764; 1987, 1950; 1991, 1810; 2005, 1854; 2023, 119)