53B.39 INFORMATION REQUIREMENTS; CERTAIN INDIVIDUALS.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Subdivision 1. Individuals with or seeking control.

Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual must furnish to the commissioner through NMLS:

(1)the individual's fingerprints for submission to the Federal Bureau of Investigation and the commissioner for a national criminal history background check, unless the person currently resides outside of the United States and has resided outside of the United States for the last ten years; and

(2)personal history and business experience in a form and in a medium prescribed by the commissioner, to obtain:

(i)an independent credit report from a consumer reporting agency;

(ii)information related to any criminal convictions or pending charges; and

(iii)information related to any regulatory or administrative action and any civil litigation involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract.

Subd. 2. Individuals having resided outside the United States.

(a)If an individual has resided outside of the United States at any time in the last ten years, the individual must also provide an investigative background report prepared by an independent search firm that meets the requirements of this subdivision.

(b)At a minimum, the search firm must:

(1)demonstrate that the search firm has sufficient knowledge, resources, and employs accepted and reasonable methodologies to conduct the research of the background report; and

(2)not be affiliated with or have an interest with the individual the search firm is researching.

(c)At a minimum, the investigative background report must be written in English and must contain:

(1)if available in the individual's current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish a credit report, including a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;

(2)criminal records information for the past ten years, including but not limited to felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;

(3)employment history;

(4)media history, including an electronic search of national and local publications, wire services, and business applications; and

(5)financial services-related regulatory history, including but not limited to money transmission, securities, banking, consumer finance, insurance, and mortgage-related industries.