Connecticut General Statutes 36a-600 – Investigation of applicant. Issuance of license. Authority of commissioner to deny application for license
(a) Upon the filing of an application for an initial license, and the payment of required fees, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant, and the applicant’s control persons and qualified individual. The commissioner may issue a license if the commissioner finds that:
Terms Used In Connecticut General Statutes 36a-600
- Commissioner: means the Banking Commissioner and, with respect to any function of the commissioner, includes any person authorized or designated by the commissioner to carry out that function. See Connecticut General Statutes 36a-2
- Person: means an individual, company, including a company described in subparagraphs (A) and (B) of subdivision (11) of this section, or any other legal entity, including a federal, state or municipal government or agency or any political subdivision thereof. See Connecticut General Statutes 36a-2
- State: means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the trust territory of the Pacific Islands, the Virgin Islands and the Northern Mariana Islands. See Connecticut General Statutes 36a-2
(1) The applicant’s financial condition is sound;
(2) The applicant’s business will be conducted honestly, fairly, equitably, carefully and efficiently within the purposes and intent of sections 36a-595 to 36a-612, inclusive, and in a manner commanding the confidence and trust of the community;
(3) The applicant’s control persons and qualified individual demonstrate financial responsibility and are in all respects properly qualified and of good character;
(4) The applicant is in compliance with the provisions of sections 36a-602 to 36a-604, inclusive;
(5) No person on behalf of the applicant knowingly has made any incorrect statement of a material fact in the application, or in any report or statement made pursuant to sections 36a-595 to 36a-612, inclusive;
(6) No person on behalf of the applicant knowingly has omitted to state any material fact necessary to give the commissioner any information lawfully required by the commissioner; and
(7) The applicant has paid the investigation fee and license fee required under § 36a-599.
(b) The commissioner may deny an application if the commissioner finds that the applicant or the applicant’s control persons or qualified individual (1) is listed on the specially designated nationals and blocked persons list prepared by the United States Department of the Treasury, or (2) has been convicted of any misdemeanor involving any aspect of the money transmission business or any felony. Any denial of an application by the commissioner shall, when applicable, be subject to the provisions of § 46a-80.
(c) Notwithstanding the provisions of this section, the commissioner may deny any application of a person who will or may engage in the business of transmitting monetary value in the form of virtual currency if, in the commissioner’s discretion, the issuance of such a license would represent undue risk of financial loss to consumers, considering the applicant’s proposed business model.
(d) The commissioner may, in the commissioner’s discretion, place additional requirements, restrictions or conditions upon the license of any applicant who will or may engage in the business of transmitting monetary value in the form of virtual currency, including the amount of surety bond required by § 36a-602.