75-15-9 - Applications and qualifications.
§ 75-15-9. Applications and qualifications.
Each application for a license to engage in the business of selling or issuing or delivering checks shall be made in writing and under oath to the commissioner in such form as he may prescribe. The application shall state the full name and business address of:
(a) The proprietor, if the applicant is an individual;
(b) Every member, if the applicant is a partnership or association;
(c) The corporation and each officer and director thereof, if the applicant is a corporation;
(d) Every trustee and officer if the applicant is a trust;
(e) The applicant shall have a net worth of at least Twenty-five Thousand Dollars ($25,000.00) plus Fifteen Thousand Dollars ($15,000.00) for each location in excess of one (1) at which the applicant proposes to sell checks in this state, computed according to generally accepted accounting principles, but in no event shall the net worth be required to be in excess of Two Hundred Fifty Thousand Dollars ($250,000.00);
(f) The financial responsibility, financial condition, and business experience and character and general fitness of the applicant shall be such as reasonably to warrant the belief that applicant's business will be conducted honestly, carefully and efficiently;
(g) Each application for a license shall be accompanied by an investigation fee of Fifty Dollars ($50.00) and license fee in the amount required by Section 75-15-15. The license fee shall be refunded if the application is denied. No investigation fee shall be refunded. All investigation fees collected by the commissioner under the provisions of this chapter shall be deposited with the State Treasurer and shall be set aside by him in a separate fund earmarked for the use of the Department of Banking and Consumer Finance.
Sources: Codes, 1942, § 5131-05; Laws, 1966, ch. 257, § 5; Laws, 1995, ch. 373, § 1, eff from and after July 1, 1995.