Each application for a license to engage in the business of money transmission shall be made in writing and under oath to the commissioner in such form as he may prescribe.The application shall state the full name and business address of:
The proprietor, if the applicant is an individual;
Every member, if the applicant is a partnership or association;
The corporation and each executive officer and director thereof, if the applicant is a corporation;
Every trustee and officer if the applicant is a trust;
The applicant shall have a net worth of at least Twenty-five Thousand Dollars ($25,000.00) plus Fifteen Thousand Dollars ($15,000.00) for each location in excess of one (1) at which the applicant proposes to conduct money transmissions in this state, computed according to generally accepted accounting principles, but in no event shall the net worth be required to be in excess of Two Hundred Fifty Thousand Dollars ($250,000.00);
The financial responsibility, financial condition, business experience and character and general fitness of the applicant shall be such as reasonably to warrant the belief that applicant’s business will be conducted honestly, carefully and efficiently;
Each application for a license shall be accompanied by an investigation fee of Fifty Dollars ($50.00) and license fee in the amount required by Section 75-15-15.All fees collected by the commissioner under the provisions of this chapter shall be deposited into the Consumer Finance Fund of the Department of Banking and Consumer Finance;
An applicant shall not have been convicted of a felony in any jurisdiction or a misdemeanor of fraud, theft, forgery, bribery, embezzlement, or making a fraudulent or false statement in any jurisdiction.