§ 12-406. Qualifications of applicant for license

   (a) In general. -- To qualify for a license, an applicant shall satisfy the Commissioner that the applicant:

   (1) Is of good moral character and has sufficient financial responsibility, business experience, and general fitness to:

      (i) Engage in the business of money transmission;

      (ii) Warrant the belief that the business of money transmission will be conducted lawfully, honestly, fairly, and efficiently; and

      (iii) Command the confidence of the public;

   (2) Will keep at all times the permissible investments required under § 12-418 of this subtitle;

   (3) Has a net worth computed according to generally accepted accounting principles of at least $ 150,000, plus an additional net worth of $ 10,000 for each additional location or authorized delegate, up to a maximum of $ 500,000 as provided in subsection (b) of this section; and

   (4) Has at least 3 years of experience in the business of money transmission or other related financial services business under the following conditions:

      (i) If the applicant is a sole proprietor, the applicant shall have the required experience;

      (ii) If the applicant is a joint venture or partnership, at least one of the coventurers or general partners shall have the required experience; and

      (iii) If the applicant is any other type of business, at least one of the principal officers or members shall have the required experience.

(b) Net worth requirements. -- The Commissioner may require a net worth of up to $ 500,000, subject to consideration of the following:

   (1) The nature and volume of the business or proposed business of the applicant;

   (2) The amount, nature, quality, and liquidity of the assets of the applicant;

   (3) The amount and nature of the liabilities, including contingent liabilities, of the applicant;

   (4) The history of, and prospects for, the applicant to earn and retain income;

   (5) The quality of the operations of the applicant;

   (6) The quality of the management of the applicant;

   (7) The nature and quality of the person that has control of the applicant; and

   (8) Any other factor the Commissioner deems relevant.

HISTORY: An. Code 1957, art. 11, § 213; 1980, ch. 33, § 2; ch. 541; 1995, ch. 432; 1996, ch. 10, § 1; ch. 326, § 2; 2002, ch. 539.