Arizona Laws 6-1215. Notice and information requirements for a change of key individuals
A. A licensee adding or replacing any key individual shall provide both of the following:
Terms Used In Arizona Laws 6-1215
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Individual: means a natural person. See Arizona Laws 6-1201
- Key individual: means any individual ultimately responsible for establishing or directing policies and procedures of the licensee, such as an executive officer, manager, director or trustee. See Arizona Laws 6-1201
- Licensee: means a person licensed under this article. See Arizona Laws 6-1201
- Multistate licensing process: means a procedure among state regulators relating to the coordinated processing of applications for money transmission licenses, applications for the acquisition of control of a licensee, control determinations or notice and information requirements for a change of key individuals. See Arizona Laws 6-1201
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
1. Notice in a manner prescribed by the director within fifteen days after the effective date of the key individual‘s addition or replacement.
2. Information as required by section 6-1210 within forty-five days after the effective date of the key individual’s addition or replacement.
B. Within ninety days after the date on which the notice provided pursuant to subsection A of this section is determined to be complete, the director may issue a notice of disapproval of a key individual if the competence or experience of the individual is not in the best interests of the public or the customers of the licensee to allow the individual to be a key individual of the licensee.
C. A notice of disapproval shall contain a statement of the basis for disapproval and shall be sent to the licensee and the disapproved individual. A licensee may appeal a notice of disapproval pursuant to Title 41, Chapter 6, Article 10.
D. If the notice provided pursuant to subsection A of this section is not disapproved within ninety days after the date on which the notice is determined to be complete, the key individual is approved.
E. If a multistate licensing process includes a key individual notice review and disapproval process pursuant to this section and the licensee is subject to the multistate licensing process:
1. The director may accept the determination of another state if the investigating state has sufficient staffing, expertise and minimum standards for the purposes of this section.
2. If this state is a lead investigative state, the director may investigate the applicant subject to the time frames established by agreement through the multistate licensing process.