SECTION 85:15-3-4. Issuance of license

(a)   When an application is filed under the Act, 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 cost of which the applicant must pay. The amount charged the applicant shall be the same as charged under subsection B. of section 2113 of Title 6 of the Oklahoma Statutes. The Commissioner shall issue a license to an applicant under the Act if the Commissioner finds that all of the following conditions have been fulfilled:

(1)   the applicant has complied with sections 85:15-3-2, 85:15-3-3, and 85:15-3-6 of this subchapter; 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 money transmission;

(b)   When an application for an original license under the Act 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 approved; and

(B)   the license takes effect as of the first business day after expiration of the 120-day period.

(c)   The Commissioner may for good cause extend the application period.

(d)   An applicant whose application is denied by the Commissioner under the Act may appeal, within 30 days after receipt of the notice of the denial, from the denial and request a hearing before the Board. A hearing is not required in order for the Commissioner to initially deny a license application.

[Source: Added at 24 Ok Reg 843, eff 5-11-07]