(1) The requirements in subdivisions 51A-17-72(1) and (2) do not apply to a person that 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 director or by an MSB accredited state pursuant to a multistate licensing process, provided that:
- (a) The person has not had a license revoked or suspended or controlled a licensee that has had a license revoked or suspended while the person was in control of the licensee in the previous five years;
- (b) If the person is a licensee, the person is well managed and has received at least a satisfactory rating for compliance at its most recent examination by an MSB accredited state if such rating was given;
- (c) The licensee to be acquired is projected to meet the requirements of §§ 51A-17-99 to 51A-17-101, inclusive, after the acquisition of control is completed, and if the person acquiring control is a licensee, that licensee is also projected to meet the requirements of §§ 51A-17-100 to 51A-17-102, inclusive, after the acquisition of control is completed;
- (d) The licensee to be acquired will not implement any material changes to its business plan as a result of the acquisition of control, and if the person acquiring control is a licensee, that licensee also will not implement any material changes to its business plan as a result of the acquisition of control; and
- (e) The person provides notice of the acquisition in cooperation with the licensee and attests to subsections (a) through (d) in this section in a form and in a medium prescribed by the director.
- (2) If the notice is not disapproved within thirty days after the date on which the notice was determined to be complete, the notice is deemed approved.
Source: SL 2024, ch 196 , § 29.