NRS 645G.100 License required; regulations; application; issuance, expiration and renewal of license.

422 words·~2 min read·/nv/chapter-645g-exchange-facilitators/645g-100·

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1. Except as otherwise provided in NRS 645G.120 , a person shall not act as an exchange facilitator unless he or she is licensed as such with the Division. The Division may adopt such regulations as it deems necessary to carry out the provisions of this chapter, including, without limitation, regulations prescribing amounts required for liquidity purposes.

2. To apply for a license as an exchange facilitator, a person must pay the Division the fee prescribed by NRS 645G.220 .

3. In addition to the requirements set forth in subsection 2, the person must submit to the Division:

(a)The following information on a form provided by the Division:

(1)The applicant’s name, business address and telephone number;

(2)The name under which the applicant will hold the money or other property of a client;

(3)The names, residence and business addresses of all shareholders or members who hold 10 percent or more of the voting stock of the applicant’s business and all persons having an interest in the business as principals, partners, officers, trustees or directors, specifying the capacity and title of each;

(4)The length of time the applicant has been engaged in the business of acting as an exchange facilitator;

(5)A summary description of the business of the applicant;

(6)A list of any similar licenses obtained and maintained in other states or other jurisdiction and information regarding revocation of any such license;

(7)The tax identification number of the applicant; and

(8)A current certificate of good standing for the applicant from the state or other jurisdiction in which the applicant’s business is formed; and

(b)All information required to complete the application.

4. The Division shall approve an application submitted pursuant to this section within 45 days after the submission of the completed application, any additional information required by the Division and proof satisfactory to the Division that the applicant has complied with the provisions of NRS 645G.320 . Upon approval of an application, the Division shall issue a license to the applicant.

5. A license issued pursuant to this chapter expires on December 31 of each year unless it is renewed. To renew such a license, the licensee must submit to the Commissioner on or after November 1 and on or before December 31 of each year:

(a)An application for renewal which contains the information required by the Division for that purpose; and

(b)A renewal fee prescribed by NRS 645G.220 .