Section 12-406 - Qualifications of applicant for license.

§ 12-406. Qualifications of applicant for license.
 

(a)  In general.- To qualify for a license, an applicant shall satisfy the Commissioner that the applicant: 

(1) Is of good moral character and has sufficient financial responsibility, business experience, and general fitness to: 

(i) Engage in the business of money transmission; 

(ii) Warrant the belief that the business of money transmission will be conducted lawfully, honestly, fairly, and efficiently; and 

(iii) Command the confidence of the public; 

(2) Will keep at all times the permissible investments required under § 12-418 of this subtitle; 

(3) Has a net worth computed according to generally accepted accounting principles of at least $150,000, plus an additional net worth of $10,000 for each additional location or authorized delegate, up to a maximum of $500,000 as provided in subsection (b) of this section; and 

(4) Has at least 3 years of experience in the business of money transmission or other related financial services business under the following conditions: 

(i) If the applicant is a sole proprietor, the applicant shall have the required experience; 

(ii) If the applicant is a joint venture or partnership, at least one of the coventurers or general partners shall have the required experience; and 

(iii) If the applicant is any other type of business, at least one of the principal officers or members shall have the required experience. 

(b)  Net worth requirements.- The Commissioner may require a net worth of up to $500,000, subject to consideration of the following: 

(1) The nature and volume of the business or proposed business of the applicant; 

(2) The amount, nature, quality, and liquidity of the assets of the applicant; 

(3) The amount and nature of the liabilities, including contingent liabilities, of the applicant; 

(4) The history of, and prospects for, the applicant to earn and retain income; 

(5) The quality of the operations of the applicant; 

(6) The quality of the management of the applicant; 

(7) The nature and quality of the person that has control of the applicant; and 

(8) Any other factor the Commissioner deems relevant. 
 

[An. Code 1957, art. 11, § 213; 1980, ch. 33, § 2; ch. 541;   1995, ch. 432; 1996, ch. 10, § 1; ch. 326, § 2; 2002, ch. 539.]