§ 12-406
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§12–406.
(a)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 tangible net worth computed according to generally accepted accounting principles of at least $150,000, plus an additional net worth of $10,000 for each licensed 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)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.