Section effective upon the later of June 9, 2017 or publication in the State Register of final regulations implementing 2016 Act No. 266.

1. (A) When an application is filed pursuant to this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant pursuant to this article if the commissioner finds that all of the following conditions have been fulfilled:

   1. (1) the applicant has complied with Sections 35-11-205, 35-11-215, and 35-11-230; and
   2. (2) 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 executive officers, managers, directors, 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.

2. (B) When an application for an original license pursuant to this article is complete, the commissioner promptly shall notify the applicant in a record of the date on which the application was determined to be complete and:

   1. (1) the commissioner shall approve or deny the application within one hundred twenty days after that date; or

   2. (2) if the application is not approved or denied within one hundred twenty days after that date the:

      1. (a) application is considered approved; and
      2. (b) commissioner shall issue the license pursuant to this article, to take effect as of the first business day after expiration of the one hundred twenty-day period.
3. (C) The commissioner may for good cause extend the application period.
4. (D) An applicant whose application is denied by the commissioner pursuant to this article may appeal, within thirty days after receipt of the notice of the denial, from the denial and request a hearing.

HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff upon contingency.