1. (1) When an application for an original license appears to include all the items and addresses all of the matters that are required pursuant to this article 110, the application is complete, and the banking board shall promptly notify the applicant in a record of the date on which the application is determined to be complete and the date of scheduled action by the board.
2. (2) A determination by the banking board 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 the results of a name-based judicial record check, if applicable, and addresses all of the matters that are required pursuant to this article 110, and the determination is not an assessment of the substance of the application or of the sufficiency of the information provided.

3. (3) When an application is filed and considered complete under this section, the banking board shall investigate the applicant's financial condition and responsibility, financial and business experience, competence, character, and general fitness. The board may conduct an on-site investigation of the applicant, with the applicant paying the reasonable cost of the investigation. The board shall issue a license to an applicant under this section if the board finds that all of the following conditions have been fulfilled:

   1. (a) The applicant has complied with sections 11-110-503 and 11-110-504; and
   2. (b) 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.

4. (4) If an applicant uses or is otherwise subject to a multistate licensing process:

   1. (a) The banking board may accept the investigation results of a lead investigative state for the purpose of subsection (3) of this section if the lead investigative state has sufficient staffing, expertise, and minimum standards; or
   2. (b) If Colorado is a lead investigative state, the banking board may investigate the applicant pursuant to subsection (3) of this section and the time frames established by agreement through the multistate licensing process.
5. (5) The banking board shall issue a formal written notice of the denial of a license application within thirty days after the decision to deny the application. The board 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 board under this subsection (5) may appeal within thirty days after receipt of the written notice of the denial pursuant to state administrative law procedures.
6. (6) The initial license term begins on the day the license is issued. The license expires on December 31 of the year in which the license term began; except that, if the initial license date is between November 1 and December 31, the initial license term runs through December 31 of the following year.
7. (7) A license issued under this section is not transferable or assignable.

Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 391, § 1, effective August 6.