California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 80 - Money Transmission › Article 5 - Issuance of License › Subarticle 2 - Application › Section 80.4105 - Information Regarding Directors, Executive Officers, Control Persons, and 10% Equity Security Owners

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In this Section:
(1) "Associated organization," when used with
					 respect to a subject person and a legal proceeding, means any person (other
					 than an individual) which was an associate of such subject person at or within
					 two years before the commencement of such proceeding.
(2) To be "indebted" does not include
					 indebtedness on account of any of the following:
(A) Any amount due for purchases subject to
					 usual trade terms, for ordinary travel and expense advances, or for other
					 transactions in the ordinary course of business.
(B) Any loan made by a bank, savings and loan
					 association, or securities broker-dealer extending credit under Regulation T of
					 the Board of Governors of the Federal Reserve System, provided that such loan
					 is made in the ordinary course of business, is made on substantially the same
					 terms (including interest rate and collateral) as those prevailing at the time
					 for comparable transactions with other persons, and does not involve more than
					 normal risk of collectability or present other unfavorable
					 features.
(3) "Subject
					 person of the applicant" means:
(A) In case
					 the applicant is a reporting company,
(i) the
					 chief executive officer of the applicant,
(ii) the chief financial officer of the
					 applicant,
(iii) the person in
					 charge of the money transmission business of the applicant,
(iv) any other person who is a director or
					 executive officer of the applicant and who was not listed as such in the last
					 annual report (Securities and Exchange Commission Form 10-K) filed by the
					 applicant pursuant to Section
					 13 of the Securities Exchange Act
					 of 1934 and regulations of the Securities and Exchange Commission issued
					 thereunder or who was not listed as a nominee for director in the last proxy
					 statement issued by the parent to its shareholders, or
(v) any other person who is a 10% equity
					 security owner of the applicant and who was not listed as such in the last
					 annual report (Securities and Exchange Commission Form 10-K) filed by the
					 applicant pursuant to Section
					 13 of the Securities Exchange Act
					 of 1934 and regulations of the Securities and Exchange Commission issued
					 thereunder.
(B) In case
					 the applicant is not a reporting company but a parent of the applicant is a
					 reporting company,
(i) the chief executive
					 officer of the applicant,
(ii) the
					 chief financial officer of the applicant,
(iii) the person in charge of the money
					 transmission business of the applicant,
(iv) any other person who is a director or
					 executive officer of the applicant and who was not listed as a director or
					 executive officer of the parent in the last annual report (Securities and
					 Exchange Commission Form 10-K) filed by the parent pursuant to Section
					 13 of the Securities Exchange Act
					 of 1934 and regulations of the Securities and Exchange Commission issued
					 thereunder or who was not listed as a nominee for director in the last proxy
					 statement issued by the parent to its shareholders, or
(v) any other person who is a 10% equity
					 security owner of the applicant and who was not listed as a 10% shareholder of
					 the parent in the last annual report (Securities and Exchange Commission Form
					 10-K) filed by the parent pursuant to Section
					 13 of the Securities Exchange Act
					 of 1934 and regulations of the Securities and Exchange Commission issued
					 thereunder or who was not listed as a nominee for director in the last proxy
					 statement issued by the parent to its shareholders.
(C) In case neither the applicant nor a
					 parent of the applicant is a reporting company, each director, executive
					 officer, control person, or 10% equity security owner of the
					 applicant.