License Description:
Major Requirements for License: 1)
Copies of the articles of incorporation for the applicant, a listing
of all trade names or fictitious names used by the applicant and other
information concerning the corporate status of the applicant;
2) Address of the applicant's principal place of business, the address
of each location where the applicant intends to transact business
in this state, including any branch offices, and the name and address
of each location of any authorized delegates;
3) For each executive officer and director of the applicant and for
each executive officer and director of any controlling person, a statement
of personal history in the form prescribed by the superintendent.
4) An identification statement for each branch manager and responsible
individual, including employment history and residence addresses for
the preceding 15 years;
5) Identity of any account in any financial institution through which
the applicant intends to conduct any business regulated under this
chapter;
6) A financial statement audited by a licensed independent certified
public accountant.
7) Maintain at all times a net worth of at least $100,000, calculated
according to generally accepted accounting principles; and an additional
net worth of $50,000 for each location or authorized delegate located
in this state, as applicable, to a maximum of five hundred thousand
dollars.
8) If licensee conducts a total of more than $500,000 in transactions
that involve transmitting money in an amount of $1,000 or more during
the preceding year shall maintain net worth in addition to the amounts
required in No. 7. The additional net worth shall be not less than
10 percent of the total of such transactions conducted in this state,
calculated according to generally accepted accounting principles to
a maximum of $500,000
9) Application
Fee - see "License Fee"
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