1. The individual’s fingerprints for submission to the federal bureau of investigation and the division for purposes of a national criminal history background check unless the person currently resides outside of the United States and has resided outside the United States for the last 10 years.
2. Personal history and experience in a form and manner prescribed by the division, to include all of the following:
a. An independent credit report from a consumer reporting agency. This requirement shall be waived if the individual does not have a social security number.
b. Information related to any criminal convictions or pending charges.
c. 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.
3. Any other information the division or the nationwide multistate licensing system and registry reasonably requires with respect to the individual.
(b) If the individual has resided outside the United States at any time in the last 10 years, the individual shall also provide an investigative background report prepared by an independent search firm that meets all of the following requirements:
1. The search firm has sufficient knowledge and resources and employs accepted and reasonable methodologies in conducting its research for the background report.
2. The search firm is not affiliated with, and does not have an interest with, the individual it is researching.
3. The background report is written in the English language and contains, at a minimum, all of the following information:
a. 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 such report, including a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked.
b. Criminal records information for the past 10 years, including 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.
c. Employment history.
d. Media history, including an electronic search of national and local publications, wire services, and business applications.
e. Financial services-related regulatory history, including money transmission, securities, banking, insurance, and mortgage-related industries.
(5) Issuance of license. (a) When an application for an original license under this section appears to include all the items and address all the matters that are required, the application is complete. The division shall promptly notify the applicant in a record of the date on which the application is determined to be complete.
(b) If an applicant fails to complete the application for a new license or for a change in control of a license within 60 days after the division provides written notice that the application is incomplete, the application is deemed abandoned and the application fee shall not be refunded. An applicant whose application is deemed abandoned under this paragraph may reapply as provided in this section.
(c) A determination by the division that an application is complete and is accepted for processing means only that the application, on its face, appears to include all of the items, including the criminal background check response from the federal bureau of investigation, and address all of the matters that are required, and is not an assessment of the substance of the application or of the sufficiency of the information provided.
(d) When an application is filed and considered complete under this section, the division shall investigate the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness. The division may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant shall pay. If the applicant utilizes a multistate licensing process, the division may accept the investigation results of another state.
(e) The division shall issue a license to an applicant under this section if the division finds all of the following:
1. The applicant has satisfied all applicable requirements of this section.
2. The applicant’s financial statements demonstrate a sufficient net worth to meet the requirements of s. 217.10 (1).
3. The applicant has submitted a surety bond or other permitted form of security that meets the requirements s. 217.10 (2).
4. The financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant, and the competence, experience, character, and general fitness of the key individuals and persons in control of the applicant, indicate that it is in the interest of the public to permit the applicant to engage in money transmission.
5. The applicant has not been certified under s. 73.0301 by the department of revenue to be liable for delinquent taxes.
6. The applicant has not been certified under s. 108.227 by the department of workforce development to be liable for delinquent unemployment insurance contributions.
7. If the applicant is an individual, the applicant has not failed to comply, after appropriate notice, with a subpoena or warrant issued by the department of children and families or a county child support agency under s. 59.53 (5) and related to paternity or child support proceedings and is not delinquent in making court-ordered payments of child or family support, maintenance, birth expenses, medical expenses or other expenses related to the support of a child or former spouse, as provided in a memorandum of understanding entered into under s. 49.857.
(f) The division shall approve or deny an application within 120 days after the application’s completion date. The division may for good cause extend the review period. Unless the review period has been extended, an application that is not approved or denied within 120 days after the completion date is deemed approved.
(g) The division shall issue a formal written notice of the denial of a license application within 30 days of the decision to deny the application. The division shall set forth in the notice of denial the specific reasons for the denial of the application. An applicant whose application is denied by the division under this section may request a hearing under s. 227.44 within 30 days after the date of denial. The division may appoint a hearing examiner under s. 227.46 to conduct the hearing.
(h) The initial license term shall begin on the day the application is approved. The license shall expire on December 31 of the year in which the license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year.
(6) Renewal of license and annual fee. (a) A license may be renewed or reinstated as provided in s. 224.35 (7).
(b) No more than 60 days before license expiration, a licensee shall pay an annual renewal fee on the basis of its volume of money transmission in this state, as follows:
1. For a volume of $10,000,000 or less of money transmitted in the prior calendar year, $500.
2. For a volume of $10,000,001 to $100,000,000 of money transmitted in the prior calendar year, $1,000.
3. For a volume of $100,000,001 to $1,000,000,000 of money transmitted in the prior calendar year, $2,000.
4. For a volume greater than $1,000,000,000 of money transmitted in the prior calendar year, $4,000.
(7) Revocation, suspension, or refusal to renew a license. (a) The division may, after a complaint, notice, and hearing, deny an application or suspend, revoke, or refuse to renew a license issued under this section if the division finds any of the following:
1. The applicant or licensee failed to comply with an order of the division, any provision of this chapter or rule promulgated under this chapter, or any other state or federal law applicable to money transmission.
2. The applicant or licensee failed to cooperate with an investigation, examination, or other request for information by the division.
3. The applicant or licensee engaged in unsafe or unsound practices in connection with the business of money transmission.
4. The applicant or licensee made a material misstatement, or knowingly omitted a material fact, in an application for a license or in information furnished to the division or the nationwide multistate licensing system and registry.
5. The applicant or licensee engaged in any fraudulent or deceptive conduct or gross negligence relating to the business of money transmission.
6. A federal or state administrative order has been entered against the applicant or licensee for violation of any rule or regulation applicable to the conduct of the person’s money transmission business.
7. The licensee no longer meets a requirement for initial granting of a license.
8. The licensee is financially unable to perform the licensee’s obligations or has willfully failed without reasonable cause to provide for payment of obligations.
9. The licensee failed to employ reasonable measures to ensure that an authorized delegate complies with all orders of the division, this chapter, and all rules promulgated under this chapter, and all other applicable state or federal law.
10. The financial responsibility, character, reputation, experience, and general fitness of the applicant or licensee, or a key individual or person in control thereof, indicate that it is not in the public interest to permit the applicant or licensee to provide money transmission in this state.
11. The licensee failed to remove an authorized delegate after receiving notice from the division that the authorized delegate has failed to comply with an order of the division, any provision of this chapter, any rule promulgated under this chapter, or any other applicable state or federal law.
(b) The division shall restrict or suspend a license issued to an individual if the individual fails to comply, after appropriate notice, with a subpoena or warrant issued by the department of children and families or a county child support agency under s. 59.53 (5) and related to paternity or child support proceedings or is delinquent in making court-ordered payments of child or family support, maintenance, birth expenses, medical expenses, or other expenses related to the support of a child or former spouse, as provided in a memorandum of understanding entered into under s. 49.857. A licensee whose license is restricted or suspended under this paragraph is entitled to a notice and hearing only as provided in a memorandum of understanding entered into under s. 49.857 and is not entitled to any other notice or hearing under this chapter.
(c) The division shall revoke any license issued under this section if the department of revenue certifies under s. 73.0301 that the licensee is liable for delinquent taxes. A licensee whose license is revoked under this paragraph for delinquent taxes is entitled to a notice under s. 73.0301 (2) (b) 1. b. and hearing under s. 73.0301 (5) (a) but is not entitled to any other notice or hearing under this chapter.
(d) The division shall revoke any license issued under this section if the department of workforce development certifies under s. 108.227 that the licensee is liable for delinquent unemployment insurance contributions. A licensee whose license is revoked under this paragraph for delinquent unemployment insurance contributions is entitled to a notice under s. 108.227 (2) (b) 1. b. and hearing under s. 108.227 (5) (a) but is not entitled to any other notice or hearing under this chapter.
217.06 Acquisition of control; change of key individual. (1) Acquisition of control. (a) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the division prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to the requirements under this subsection when that individual becomes a key individual in the ordinary course of business.
(b) A person, or group of persons acting in concert, seeking to acquire control of a licensee shall, in cooperation with the licensee, submit an application in a form and manner prescribed by the division. The application shall include the information required by s. 217.05 (4) for any new key individuals who have not previously completed the requirements of s. 217.05 (4) for a licensee. Upon request, the division may permit an applicant under this section to submit information required in the application without using the nationwide multistate licensing system and registry.
(c) When an application under this subsection appears to include all the items and address all the matters that are required, the application is complete. The division shall promptly notify the applicant in a record of the date on which the application is determined to be complete.
(d) A determination by the division that an application is complete and is accepted for processing means only that the application, on its face, appears to include all the items and address all the matters that are required, and is not an assessment of the substance of the application or of the sufficiency of the information provided.
(e) When an application is filed and considered complete under this subsection, the division shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the person, or group of persons acting in concert, seeking to acquire control. If the applicant utilizes a multistate licensing process, the division may accept the investigation results of another state.
(f) The division shall approve an acquisition of control under this subsection if the division finds all of the following:
1. The applicant has satisfied all applicable requirements of this subsection.
2. The financial condition and responsibility, financial and business experience, competence, character, and general fitness of the person, or group of persons acting in concert, seeking to acquire control, and the competence, experience, character, and general fitness of the key individuals and persons who would be in control of the licensee after the acquisition of control, indicate that it is in the interest of the public to permit the person, or group of persons acting in concert, to control the licensee.
(g) The division shall approve or deny the application within 60 days after the completion date. The division may for good cause extend the review period. Unless the review period has been extended, an application that is not approved or denied within 60 days after the completion date is deemed approved.
(h) The division shall issue a formal written notice of the denial of a license application within 30 days of the decision to deny the application. The division shall set forth in the notice of denial the specific reasons for the denial of the application. An applicant whose application is denied by the division under this section may request a hearing under s. 227.44 within 30 days after the date of denial. The division may appoint a hearing examiner under s. 227.46 to conduct the hearing.
(i) The requirements of pars. (a) and (b) do not apply to any of the following:
1. A person who acts as a proxy for the sole purpose of voting at a designated meeting of the shareholders or holders of voting shares or voting interests of a licensee or a person in control of a licensee.
2. A person who acquires control of a licensee by devise or descent.
3. A person who acquires control of a licensee as a personal representative, custodian, guardian, conservator, or trustee, or as an officer appointed by a court of competent jurisdiction or by operation of law.
4. A person who is exempt under s. 217.03 (1) (g).
5. A person exempted from the requirements of this section by written determination of the division, if the division finds this exemption to be in the public interest.
6. A public offering of securities of a licensee or a person in control of a licensee.
7. An internal reorganization of a person in control of the licensee if the ultimate person in control of the licensee remains the same.
8. A person who has complied with and received approval to engage in money transmission under this chapter or was identified as a person in control in a prior application filed with and approved by the division or by an MSB-accredited state pursuant to a multistate licensing process, if all the following conditions are satisfied:
a. The person has not had a license revoked or suspended, and has not controlled a licensee that has had a license revoked or suspended while the person was in control of the licensee, within the previous 5 years.
b. If the person is a licensee, the person is well-managed and received at least a satisfactory rating for compliance at its most recent examination by an MSB-accredited state, if a rating was given.
c. The licensee to be acquired and the person acquiring control, if the person acquiring control is a licensee, are each projected to meet the requirements of s. 217.10 after the acquisition of control is completed.
d. The licensee to be acquired and the person acquiring control, if the person acquiring control is a licensee, will not implement any material changes to their respective business plans as a result of the acquisition of control.
e. The person acquiring control, in cooperation with the licensee, provides notice of the acquisition and attests to the conditions of subd. 8. a. to d. in a form and manner prescribed by the division. If the notice is not disapproved within 30 days after the date on which the notice was determined by the division to be complete, the notice is deemed approved.
(j) A person who is exempt from the requirements of pars. (a) and (b) pursuant to par. (i) 2., 3., 4., 6., or 7. shall, in cooperation with the licensee, notify the division within 15 days after the acquisition of control. Notice shall be provided by updating the licensee’s record through the nationwide multistate licensing system and registry or in any other manner acceptable to the division.
(k) Before filing an application for approval to acquire control of a licensee, a person may request in writing a determination from the division as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the division determines that the person would not be a person in control of a licensee, the person is not subject to the requirements of pars. (a) and (b).
(2) Change of key individuals. (a) Upon adding or replacing any key individual, a licensee shall do all of the following:
1. No later than 15 days after the effective date of the key individual’s appointment, provide notice of the change in a manner acceptable to the division.
2. No later than 45 days after the effective date of the individual’s appointment, provide the information required by s. 217.05 (4).
(b) The division may issue a notice of disapproval of a key individual if it finds that the competence, experience, character, or integrity of the individual indicates that it is not in the interest of the public or the customers of the licensee to permit the individual to be a key individual of the licensee. The notice of disapproval shall contain a statement of the basis for disapproval. An applicant whose application is denied by the division under this subsection may request a hearing under s. 227.44 within 30 days after the date of denial. The division may appoint a hearing examiner under s. 227.46 to conduct the hearing.
(c) If the notice of the change is not disapproved within 90 days after the date on which the requirements of par. (a) were determined to be complete, the key individual is deemed approved.
217.07 Reporting and records. (1) Report of condition. Each licensee shall submit a report of condition no later than 45 days after the end of each calendar quarter, unless a longer period is authorized by the division. The report of condition shall include all of the following:
(a) Financial information at the licensee level.
(b) Nationwide and state-specific money transmission transaction information in every jurisdiction in the United States in which the licensee is licensed to engage in money transmission.
(c) A permissible investments report.
(d) Transaction destination country reporting for money received for transmission, if applicable. This requirement applies only to a report of condition submitted within 45 days of the end of the 4th calendar quarter.
(e) Any other information the division reasonably requires with respect to the licensee.
(2) Audited financials. (a) Each licensee shall submit audited financial information no later than 90 days after the end of each fiscal year, unless a longer period is authorized by the division. The submission shall include an audited financial statement of the licensee for the fiscal year prepared in accordance with U.S. generally accepted accounting principles, together with any other information the division may reasonably require with respect to the licensee.
