Sec. 36a-581. (Formerly Sec. 36-565). License required. Application.
Sec. 36a-581. (Formerly Sec. 36-565). License required. Application. (a) Except as provided for in section 36a-580, no person shall engage in the business of cashing
checks, drafts or money orders for consideration without obtaining a license to operate
a general facility or a license to operate a limited facility for each location where such
business is to be conducted.
(b) Each licensee of a limited facility shall continuously maintain at least one operating general facility. A licensee of a limited facility shall not pay any compensation
or consideration to any employer.
(c) An application for a check cashing license or renewal of such license shall be
in writing, under oath and on a form provided by the commissioner. The application
shall set forth: (1) The name and address of the applicant; (2) if the applicant is a firm
or partnership, the names and addresses of each member of the firm or partnership;
(3) if the applicant is a corporation, the names and addresses of each officer, director,
authorized agent and each shareholder owning ten per cent or more of the outstanding
stock of such corporation; (4) if the applicant is a limited liability company, the names
and addresses of each member and authorized agent of such limited liability company;
(5) each location where the check cashing business is to be conducted and the type of
facility that will be operated at that location; (6) the business plan, which shall include
the proposed days and hours of operation; (7) the amount of liquid assets available for
each location which shall not be less than the amount specified in subdivision (7) of
subsection (e) of this section; (8) for each limited facility, a copy of the executed contract
evidencing the proposed arrangement between the applicant and the employer; and (9)
any other information the commissioner may require.
(d) A licensee shall not change the name or the location specified on its license
unless, prior to such change in name or location, the licensee files an application with
the commissioner accompanied by the applicable name change fee or location transfer
fee specified in section 36a-582 and receives the approval of the commissioner. A licensee of a limited facility shall not change its approved days and hours of operation
unless, prior to any such change, the licensee files an application with and receives the
approval of the commissioner. No licensee shall use any name other than the name
specified on the license issued by the commissioner.
(e) Upon the filing of the required application and the applicable license and location
fees, the commissioner shall investigate the facts and may issue a license if the commissioner finds that (1) the applicant is in all respects properly qualified and of good character, (2) if the applicant is a firm or partnership, each member of the firm or partnership
is in all respects properly qualified and of good character, (3) if the applicant is a corporation, each officer, director, authorized agent and each shareholder owning ten per cent
or more of the outstanding stock of such corporation is in all respects properly qualified
and of good character, (4) if the applicant is a limited liability company, each member
and authorized agent is in all respects properly qualified and of good character, (5)
granting such license would not be against the public interest, (6) the applicant has
a feasible plan for conducting business, and (7) the applicant has available and shall
continuously maintain liquid assets of at least ten thousand dollars for each general
facility location and at least two thousand five hundred dollars for each limited facility
location specified in the application.
(f) An applicant or licensee shall promptly notify the commissioner, in writing, of
any change in the information provided in its initial or renewal application for licensure
or most recent renewal of such license.
(P.A. 88-200, S. 2; P.A. 89-178, S. 2, 8; P.A. 91-11, S. 1; P.A. 94-122, S. 270, 340; P.A. 95-253, S. 13, 19; P.A. 04-14, S. 1; P.A. 05-46, S. 8; 05-288, S. 223; P.A. 06-35, S. 4; P.A. 08-119, S. 8, 9.)
History: P.A. 89-178 substituted the commissioner of banking for the commissioner of consumer protection in Subsec.
(a); Sec. 21-112 transferred to Sec. 36-565 in 1991; P.A. 91-11 amended Subsec. (c) to insert Subdiv. indicators, adding
provisions to require the commissioner, prior to issuing a license, to find a need in the community for the services to be
provided by the applicant and that the applicant has a feasible business plan; P.A. 94-122 made technical changes, effective
January 1, 1995; Sec. 36-565 transferred to Sec. 36a-581 in 1995; P.A. 95-253 amended Subsec. (a) to provide for separate
licenses for general and limited facilities, added a new Subsec. (b) to require a licensee of a limited facility to maintain at
least one general facility, relettered Subsec. (b) as (c) and amended Subsec. (c) by providing for the form of application
and by adding Subdivs. (4) to (7), inclusive, re the contents of the application, added a new Subsec. (d) re change in location,
in type of facility or in time of operation, relettered Subsec. (c) as (e) and amended Subsec. (e) by adding new Subdivs. (2)
and (3) re applications by firms, partnerships or corporations, deleting former Subdiv. (3) re need for services, renumbering
Subdivs. (4) and (5) as (5) and (6), respectively, and adding a fee for each limited facility in Subdiv. (6), effective July 6,
1995; P.A. 04-14 amended Subsec. (c) to insert new Subdiv. (4) requiring application to set forth the names and addresses
of each manager and authorized agent if applicant is a limited liability company and to redesignate existing Subdivs. (4)
to (8) as Subdivs. (5) to (9), respectively, amended Subsec. (d) to restate provisions and require approval of the commissioner
for application for change in location, to provide that licensee of limited facility shall not change approved days and hours
of operation unless licensee files application with and receives approval of commissioner, and to eliminate prohibition re
change in the type of facility, amended Subsec. (e) to insert new Subdiv. (4) authorizing commissioner to issue license if
commissioner finds that each manager and authorized agent is in all respects properly qualified and of good character if
applicant is a limited liability company and to redesignate existing Subdivs. (4) to (6) as Subdivs. (5) to (7), respectively,
and added Subsec. (f) requiring applicant or licensee to notify commissioner of any change in information provided; P.A.
05-46 amended Subsec. (d) to prohibit licensee from changing the name specified on license unless licensee files application,
pays applicable name change fee specified in Sec. 36a-582 and receives approval of commissioner; P.A. 05-288 made a
technical change in Subsec. (c)(7), effective July 13, 2005; P.A. 06-35 amended Subsec. (d) to prohibit licensee from using
any name other than the name specified on the license issued by commissioner, and amended Subsec. (e) to delete reference
to application fees and to insert reference to location fees; P.A. 08-119 amended Subsec. (c)(4) and Subsec. (e)(4) by
replacing "manager" with "member".