Upon the staff’s request, the person seeking to qualify for the exclusion codified at Arkansas Code § 23-55-103(4) must submit:

1. (1) A general description of its business plan;

2. (2) A letter, signed by a duly authorized officer of the bank, bank holding company, office of the international banking corporation, branch of a foreign bank, corporation organized pursuant to the Bank Service Company Act, 12 U.S.C. §§ 1861-1867, or corporation organized under the Edge Act, 12 U.S.C. § 611-631, confirming that the institution, branch, or agency:

   1. (A) Assumes all legal responsibility in the State of Arkansas for satisfying the money services obligations owed to Arkansas purchasers of the money transmission services upon receipt of the purchaser’s money or monetary value by the person or the person’s agents; and
   2. (B) Assumes all risk of loss that a purchaser may suffer as a result of the failure of the person or one of the person’s agents to transmit the purchaser’s funds to the entity;

3. (3) An executed agreement between:

   1. (A) The person and the bank;
   2. (B) Bank holding company;
   3. (C) Office of the international banking corporation;
   4. (D) Branch of a foreign bank;
   5. (E) Corporation organized pursuant to the Bank Service Corporation Act; or

   6. (F) Corporation organized under the Edge Act that:

      1. (i) Includes terms consistent with the statements contained in the letter described in subdivision (2)(F)(ii); and
      2. (ii) Appoints the person as the agent of the bank, bank holding company, office of the international banking corporation, branch of a foreign bank, corporation organized pursuant to the Bank Service Corporation Act, or corporation organized under the Edge Act, sets out the limits of the person’s authority, and includes the person’s agreement to act only within the scope of that authority; and
4. (4) Any other information the staff reasonably requests.