(a) The commissioner may conduct an examination of the applicant and the applicant shall pay the reasonable cost of the examination.
(b) If the commissioner finds all of the following with respect to an application for a license, the commissioner shall approve the application:
(1) The applicant has adequate tangible shareholders’ equity, as specified in Section 2040 to engage in the business of money transmission and the financial condition of the applicant is otherwise such that it will be safe and sound for the applicant to engage in the business of money transmission.
(2) The applicant, the directors and officers of the applicant, any person that controls the applicant, and the directors and officers of any person that controls the applicant are of good character and sound financial standing.
(3) The applicant is competent to engage in the business of money transmission.
(4) The applicant’s plan for engaging in the business of money transmission affords reasonable promise of successful operation.
(5) It is reasonable to believe that the applicant, if licensed, will engage in the business of money transmission and will comply with all applicable provisions of this division and of any regulation or order issued under this division.
(c) The commissioner shall deny an application for a license if he or she finds, after notice and a hearing, that the requirements of subdivision (b) have not been satisfied.
(Amended by Stats. 2012, Ch. 356, Sec. 8. (SB 979) Effective January 1, 2013.)