Arizona Laws 6-1209. Application for licensure
A. An applicant for a license shall apply in a form prescribed by the director and pay all applicable nonrefundable fees as prescribed in section 6-126. The application must contain all of the following:
Terms Used In Arizona Laws 6-1209
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- Control: means :
(a) The power to vote, directly or indirectly, at least twenty-five percent of the outstanding voting shares or voting interests of a licensee or person in control of a licensee. See Arizona Laws 6-1201
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Individual: means a natural person. See Arizona Laws 6-1201
- Licensee: means a person licensed under this article. See Arizona Laws 6-1201
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Material litigation: means litigation that, according to United States generally accepted accounting principles, is significant to a person's financial health and would be required to be disclosed in the person's annual audited financial statements, report to shareholders or similar records. See Arizona Laws 6-1201
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation or other corporate entity identified by the director. See Arizona Laws 6-1201
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. The legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting the applicant’s business.
2. A list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the ten-year period preceding the submission of the application.
3. A description of any money transmission previously provided by the applicant and the money transmission that the applicant seeks to provide in this state.
4. A list of the applicant’s proposed authorized delegates and the locations in this state where the applicant and its authorized delegates propose to engage in money transmission.
5. A list of other states in which the applicant is licensed to engage in money transmission and any license revocations or suspensions or other disciplinary action taken against the applicant in another state.
6. Information concerning any bankruptcy or receivership proceedings affecting the licensee or a person in control of the licensee.
7. A sample form of a contract for authorized delegates, if applicable.
8. A sample form of a payment instrument or stored value, as applicable.
9. The name and address of any federally insured depository financial institution through which the applicant plans to conduct money transmission.
10. Any other information the director reasonably requires with respect to the applicant.
B. In addition to the requirements prescribed in subsection A of this section, if an applicant is a corporation, limited liability company, partnership or other legal entity, the applicant shall also provide all of the following:
1. The date of the applicant’s incorporation or formation and the state or country of incorporation or formation.
2. If applicable, a certificate of good standing from the state or country in which the applicant is incorporated or formed.
3. A brief description of the structure or organization of the applicant, including any parents or subsidiaries of the applicant, and whether any parents or subsidiaries are publicly traded.
4. The legal name, any fictitious or trade name, all business and residential addresses and the employment, as applicable, in the ten-year period immediately preceding the submission of the application of each key individual and person in control of the applicant.
5. A list of any criminal convictions and material litigation in which a person in control of the applicant that is not an individual has been involved in the ten-year period immediately preceding the submission of the application.
6. A copy of audited financial statements of the applicant for the most recent fiscal year and for the two-year period immediately preceding the submission of the application or, if determined to be acceptable to the director, unaudited financial statements for the most recent fiscal year or other period acceptable to the director.
7. A copy of unaudited financial statements of the applicant for the most recent fiscal quarter.
8. If the applicant is a publicly traded corporation, a copy of the most recent report filed with the United States securities and exchange commission pursuant to 15 United States Code § 78m.
9. If the applicant is a wholly owned subsidiary of:
(a) A corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation’s most recent report filed pursuant to 15 United States Code § 78m.
(b) A corporation publicly traded outside the United States, a copy of similar documentation filed with the regulator of the parent corporation’s domicile outside the United States.
10. The name and address of the applicant’s registered agent in this state.
11. Any other information the director reasonably requires.
C. The director may waive one or more requirements of subsections A and B of this section or allow an applicant to submit other information in lieu of the required information.