(a) A person applying for a license under this chapter shall do so in a form and in a medium prescribed by the commission. The application shall contain all of the following information:
(1) The legal name, the residential address of the applicant if the applicant is an individual, the business addresses of the applicant, and any fictitious or trade name used by the applicant in conducting its business.
(2) A list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the 10-year period preceding the submission of the application.
(3) A description of any money transmission services previously provided by the applicant.
(4) A list of the proposed authorized delegates of the applicant and the locations in this state where the applicant and its authorized delegates propose to engage in money transmission services.
(5) A list of other states in which the applicant is licensed to engage in money transmission or provide other money services and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state.
(6) Information concerning any bankruptcy within the last seven years, or receivership proceedings affecting the applicant or any control person or affiliate of the applicant.
(7) A sample form of any contract the applicant proposes to use, including both of the following:
a. Any contract to be used by an authorized delegate or agent of the applicant.
b. Any contract to be used with consumers relating to the provision of money transmission services.
(8) A sample form of any payment instrument or instrument upon which stored value is recorded, if applicable.
(9) The names and addresses of any banks through which the applicant's payment instruments and stored value will be paid.
(10) Any other information the commission reasonably requires with respect to the applicant.
(b) If an applicant is not an individual or natural person, in addition to the information required in subsection (a), the applicant shall provide all of the following information:
(1) The date of the applicant's incorporation or formation and state or country of incorporation or formation.
(2) A certificate of good standing from the state or country in which the applicant is incorporated or formed and proof of registration with the Alabama Secretary of State to do business as a foreign corporation, if incorporated in another state or country.
(3) A brief description of the structure or organization of the applicant, including any parent, affiliate, or subsidiary of the applicant, and whether any parent, affiliate, or subsidiary is publicly traded.
(4) The legal name, any fictitious name, all business and residential addresses, and the employment, for the 10 years preceding the submission of the application for each executive officer, manager, director, or a person who has direct or indirect control of the applicant.
(5) A list of criminal convictions of, and material litigation involving, any executive officer, manager, director, or a person who has direct or indirect control of the applicant, for the 10 years preceding the submission of the application.
(6) A copy of the applicant's audited financial statements for the most recent fiscal year and, if available, for the two-year period preceding the submission of the application.
(7) A copy of the applicant's unconsolidated financial statements for the current fiscal year.
(8) If the applicant has a registered agent in this state, the name and address of the applicant's registered agent.
(9) Any other information the commission reasonably requires with respect to the applicant.
(c) A nonrefundable filing fee and a license fee shall accompany an application for a license under this chapter. The commission may set the filing and license fees by rule. The minimum filing fee and license fee shall not be less than five hundred dollars ($500), respectively.
(d) The commission may waive one or more of the requirements in subsections (a) and (b) or permit an applicant to submit alternate information in lieu of the required information.
Last modified: May 3, 2021