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23-55-403. Issuance of license.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-403. Issuance of license.
(a) When an application for a license is made under 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 under this article if the commissioner finds that all of the following conditions have been fulfilled:
(1) the applicant has complied with § 23-55-402; and
(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 currency exchange.
(b) When an application for an original license under this article is complete, the commissioner shall promptly notify the applicant in a record of the date on which the application was determined to be complete and:
(1) the commissioner shall approve or deny the application within 120 days after that date; or
(2) if the application is not approved or denied within 120 days after that date:
(A) the application is deemed approved; and
(B) the commissioner shall issue the license under this article, to take effect as of the first business day after expiration of the period.
(c) The commissioner may for good cause extend the application period.
(d) An applicant whose application is denied a license by the commissioner under this article may appeal, within 30 days after receipt o
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-403
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-55-403
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d311297b5b931ec917a9b872fdafa494a2508428f0f7a72524f299542306fc7d
Source location: content.xml paragraph 26875
Stored source content
23-55-403. Issuance of license.
(a) When an application for a license is made under 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 under this article if the commissioner finds that all of the following conditions have been fulfilled:
(1) the applicant has complied with § 23-55-402; and
(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 currency exchange.
(b) When an application for an original license under this article is complete, the commissioner shall promptly notify the applicant in a record of the date on which the application was determined to be complete and:
(1) the commissioner shall approve or deny the application within 120 days after that date; or
(2) if the application is not approved or denied within 120 days after that date:
(A) the application is deemed approved; and
(B) the commissioner shall issue the license under this article, to take effect as of the first business day after expiration of the period.
(c) The commissioner may for good cause extend the application period.
(d) An applicant whose application is denied a license by the commissioner under this article may appeal, within 30 days after receipt of the notice of the denial, from the denial and request a hearing.
(e) A license issued under this chapter expires at the close of business on December 31 of the calendar year unless the license is:
(1) renewed according to this chapter;
(2) surrendered by the license holder;
(3) suspended; or
(4) revoked by the commissioner.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-402. Application for license.
(a) A person applying for a license under this article shall do so in a form and in a medium prescribed by the commissioner. The application must state or contain:
(1) the legal name and residential and business addresses of the applicant, if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager, and director;
(2) the location of the principal office of the applicant;
(3) complete addresses of other locations in this State where the applicant proposes to engage in currency exchange, including all limited stations and mobile locations;
(4) a description of the source of money and credit to be used by the applicant to engage in currency exchange; and
(5) other information the commissioner reasonably requires with respect to the applicant, but not more than the commissioner may require under § 23-55-201 et seq.
(b) A nonrefundable application fee of $1,500 and a license fee of $375 must accompany an application for a license under this article. The license fee must be refunded if the application is denied.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-402
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-55-402. This identifies an authority to review, not proof of applicability.