217.05 License requirements.

309 words·~1 min read·/wi/chapter-217/217-05

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

(1)License required. A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person is licensed under this chapter. This subsection does not apply to an authorized delegate of a person licensed under this chapter acting within the scope of authority conferred by a written contract with the licensee, or to a person who is exempt pursuant to s. 217.03 and does not engage in money transmission outside the scope of the exemption.

(2)License not transferable. A license issued under this section is not transferable or assignable.

(3)Application for license.

(a)An applicant for a license shall apply in a form and manner prescribed by the division and submit a $1,000 nonrefundable application fee.

(b)The applicant shall provide all of the following information to the division:

1. The legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting its business.

2. The applicant’s federal employer identification number or social security number, as applicable. If an applicant who is an individual does not have a social security number, the applicant, as a condition of applying for or applying to renew a license, shall submit a statement made or subscribed under oath or affirmation to the division that the applicant does not have a social security number. The form of the statement shall be prescribed by the department of children and families.

3. 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 next preceding the submission of the application.

4. A description of any money transmission previously provided by the applicant and the money transmission that the applicant seeks to provide in this state.