Section 51A-17-5 – Single license to conduct business at multiple locations–Authorized delegates.
51A-17-5. Single license to conduct business at multiple locations–Authorized delegates. If a licensee has a physical presence in this state, the licensee may conduct its business at one or more locations, directly or indirectly owned, or through one or more authorized delegates, or both, pursuant to the single license granted to the licensee. Any authorized […]
Section 51A-17-6 – Minimum net worth required.
51A-17-6. Minimum net worth required. Each licensee under this chapter shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets from one hundred million dollars to one billion dollars, and […]
Section 51A-17-7 – Qualification to do business of corporate and noncorporate applicants and licensees.
51A-17-7. Qualification to do business of corporate and noncorporate applicants and licensees. Every corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. All noncorporate applicants shall, at the […]
Section 51A-17-8 – Security device or deposit required.
51A-17-8. Security device or deposit required. Each application shall be accompanied by a security device acceptable to the director in the amount of one hundred thousand dollars. The director may increase the amount of the security device to a maximum of five hundred thousand dollars upon the basis of the impaired financial condition of a […]
Section 51A-17-9 – Security after licensee ceases operations.
51A-17-9. Security after licensee ceases operations. The security device shall remain in place for five years after the licensee ceases money transmission operations in the state. However, the director may permit the security device to be reduced or eliminated prior to that time to the extent that the amount of the licensee’s payment instruments outstanding […]
Section 51A-17-10 – Investments required–Waiver by director.
51A-17-10. Investments required–Waiver by director. Each licensee under this chapter shall at all times possess permissible investments having an aggregate market value, calculated in accordance with United States generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments and stored value issued or sold by the licensee in […]
Section 51A-17-11 – Criminal history background check required .
51A-17-11. Criminal history background check required . Each applicant for licensure under this chapter, except publicly traded corporations and their subsidiaries, shall provide to the nationwide mortgage licensing system and registry a complete set of the applicant’s fingerprints for submission to the Federal Bureau of Investigation and any other government agency authorized to receive fingerprints […]
Section 51A-17-12 – Application for license–Form–Contents.
51A-17-12. Application for license–Form–Contents. Each application for a license under this chapter shall be made in writing on a form prescribed by the director that includes: (1)The exact name of the applicant, the applicant’s principal address, any fictitious or trade name used by the applicant in the conduct of business, and the location of the […]
Section 51A-17-13 – Corporate applicants–Additional requirements.
51A-17-13. Corporate applicants–Additional requirements. In addition to the requirements of §51A-17-12, an applicant that is a corporation shall provide: (1)The date of the applicant’s incorporation and state of incorporation; (2)A certificate of good standing from the state in which the applicant was incorporated; (3)A description of the corporate structure of the applicant, including the identity […]
Section 51A-17-14 – Noncorporate applicants–Additional requirements.
51A-17-14. Noncorporate applicants–Additional requirements. In addition to the requirements of §51A-17-12, an applicant that is not a corporation shall provide: (1)The name, business and residence address, personal financial statement, and employment history for the preceding five years, of each principal of the applicant and the name, business and residence address, and employment history for the […]