Section 51A-17-2.1 – Control defined.
51A-17-2.1. Control defined. For purposes of this chapter, the term, control, means: (1)The power to vote, directly or indirectly, at least twenty-five percent of the outstanding voting shares or voting interests of a licensee or controlling person; (2)The power to elect or appoint a majority of key individuals or executive officers, managers, directors, trustees, or […]
Section 51A-17-17 – Applicant–Investigation by director.
51A-17-17. Applicant–Investigation by director. Upon receiving a complete application, the director shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The director may conduct an on-site investigation of the applicant, the reasonable cost of which shall be paid by the applicant. If the director finds that […]
Section 51A-17-2.2 – Passive investor defined.
51A-17-2.2. Passive investor defined. For purposes of this chapter, the term, passive investor, means a person that: (1)Does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a licensee or controlling person; (2)Is not employed by and does not have […]
Section 51A-17-18 – Denial of application–Request for hearing.
51A-17-18. Denial of application–Request for hearing. Any applicant aggrieved by a denial issued by the director under this chapter may, at any time within thirty days from the date of written notice of the denial, request a hearing pursuant to chapter 1-26. Any request for hearing shall be made in writing and postmarked within the […]
Section 51A-17-3 – Entities exempt from chapter.
51A-17-3. Entities exempt from chapter. This chapter does not apply to: (1)The United States or any department, agency, or instrumentality thereof; (2)The United States Post Office; (3)The state or any political subdivisions thereof; (4)Banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks, or mutual banks organized under the […]
Section 51A-17-19 – Annual report and renewal fee.
51A-17-19. Annual report and renewal fee. A licensee shall pay an annual renewal fee not to exceed one thousand dollars. The director shall establish the renewal fee by rules promulgated pursuant to chapter 1-26. The renewal fee shall be accompanied by a report, in a form prescribed by the director, which shall include: (1)A copy […]
Section 51A-17-4 – License to engage in business of money transmission required.
51A-17-4. License to engage in business of money transmission required. No person, other than a person who is exempt under §51A-17-3, may engage in the business of money transmission in this state without obtaining a license in accordance with this chapter and undergoing a criminal background investigation. A person is engaged in providing money transmission […]
Section 51A-17-20 – Time for filing renewal application, report, and fee.
51A-17-20. Time for filing renewal application, report, and fee. Any application for renewal of a license in accordance with this chapter shall be filed with the director by December first and shall be accompanied by a fee and report as required under §51A-17-19. Any application for renewal filed with the director after December first and […]
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 […]