645G.100 - License required; regulations; application; renewal of license.
645G.100 License required; regulations; application; renewal of license.
1. Except as otherwise provided in NRS 645G.120, a person shall not act as an exchange facilitator unless he or she is licensed as such with the Division. The Division may adopt such regulations as it deems necessary to carry out the provisions of this chapter, including, without limitation, regulations prescribing amounts required for liquidity purposes.
2. To apply for a license as an exchange facilitator, a person must pay the Division the fee prescribed by NRS 645G.220.
3. In addition to the requirements set forth in subsection 2, the person must submit to the Division:
(a) The following information on a form provided by the Division:
(1) The applicant’s name, business address and telephone number;
(2) The name under which the applicant will hold the money or other property of a client;
(3) The names, residence and business addresses of all shareholders or members who hold 10 percent or more of the voting stock of the applicant’s business and all persons having an interest in the business as principals, partners, officers, trustees or directors, specifying the capacity and title of each;
(4) The length of time the applicant has been engaged in the business of acting as an exchange facilitator;
(5) A summary description of the business of the applicant;
(6) A list of any similar licenses obtained and maintained in other states or other jurisdiction and information regarding revocation of any such license;
(7) The tax identification number of the applicant; and
(8) A current certificate of good standing for the applicant from the state or other jurisdiction in which the applicant’s business is formed; and
(b) All information required to complete the application.
4. Each applicant must, as part of the application and at his or her own expense:
(a) Arrange to have taken, by a law enforcement agency or other authorized entity acceptable to the Division, a complete set of the applicant’s fingerprints and the fingerprints of each person or officer who will be conducting the business of the applicant in this State and who has authority to transfer exchange money held by the applicant; and
(b) Submit to the Division:
(1) A completed fingerprint card and written permission authorizing the Division to submit the fingerprints described in paragraph (a) to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for a report on the background of each person whose fingerprints were taken and to such other law enforcement agencies as the Division deems necessary; or
(2) Written verification, on a form prescribed by the Division, stating that the fingerprints described in paragraph (a) were taken and directly forwarded electronically or by another means to the Central Repository and that each person whose fingerprints were taken has given written permission to the law enforcement agency or other authorized entity taking the fingerprints to submit the fingerprints to the Central Repository for submission to the Federal Bureau of Investigation for a report on the background of each such person and to such other law enforcement agencies as the Division deems necessary.
5. The Division may:
(a) Unless the fingerprints described in paragraph (a) of subsection 4 are directly forwarded pursuant to subparagraph (2) of paragraph (b) of subsection 4, submit those fingerprints to the Central Repository for submission to the Federal Bureau of Investigation and to such other law enforcement agencies as the Division deems necessary; and
(b) Request from each such agency any information regarding the background of each person whose fingerprints were taken as the Division deems necessary.
6. The Division shall approve an application submitted pursuant to this section within 45 days after the submission of the completed application, any additional information required by the Division and proof satisfactory to the Division that the applicant has complied with the provisions of NRS 645G.320. Upon approval of an application, the Division shall issue a license to the applicant.
7. A license issued pursuant to this chapter must be renewed annually on or before July 1, by providing the information required by the Division for that purpose and paying a renewal fee prescribed by NRS 645G.220.
(Added to NRS by 1993, 2019; A 1997, 2167; 2003, 1293, 2862; 2005, 1290, 1291, 2777, 2807, 2814; 2007, 3116)—(Substituted in revision for NRS 645.6065)