§ 23-52-107 - Qualification for check-casher permit. - Arkansas Statutes

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Statutes > Arkansas > Title-23 > Subtitle-2 > Chapter-52 > 23-52-107

23-52-107. Qualification for check-casher permit.

A check-casher permit applicant shall satisfy the following requirements to qualify for a permit under this chapter:

(1) The applicant shall have a minimum of cash or other liquid assets of at least twenty thousand dollars ($20,000) for the operation of each location at which the applicant will engage in the check-cashing business and shall be required to post with the State Board of Collection Agencies a fifty-thousand-dollar bond payable to the State of Arkansas;

(2) The financial responsibility, financial condition, and business experience of the applicant shall reasonably warrant the belief that the applicant's check-cashing business will be conducted in accordance with this chapter. In determining whether this qualification has been met and for the purpose of investigating compliance with this chapter, the board may review and approve the following:

(A) The relevant business records and the capital adequacy of the applicant; and

(B) The competence, experience, and financial ability of any person who is a member, partner, director, officer, or five percent (5%) or more shareholder of the applicant or who otherwise controls the applicant;

(3) The requirements set forth in subdivisions (1) and (2) of this section shall be continuing in nature; and

(4) The board shall deny an application for a permit to conduct a check-cashing business or for renewal of a permit if the applicant or any person referred to in subdivision (2)(B) of this section has a felony conviction involving dishonesty, fraud, or deceit, provided the crime is substantially related to the qualifications, functions, or duties of a person engaged in the check-cashing business.

State Codes and Statutes

Statutes > Arkansas > Title-23 > Subtitle-2 > Chapter-52 > 23-52-107

23-52-107. Qualification for check-casher permit.

A check-casher permit applicant shall satisfy the following requirements to qualify for a permit under this chapter:

(1) The applicant shall have a minimum of cash or other liquid assets of at least twenty thousand dollars ($20,000) for the operation of each location at which the applicant will engage in the check-cashing business and shall be required to post with the State Board of Collection Agencies a fifty-thousand-dollar bond payable to the State of Arkansas;

(2) The financial responsibility, financial condition, and business experience of the applicant shall reasonably warrant the belief that the applicant's check-cashing business will be conducted in accordance with this chapter. In determining whether this qualification has been met and for the purpose of investigating compliance with this chapter, the board may review and approve the following:

(A) The relevant business records and the capital adequacy of the applicant; and

(B) The competence, experience, and financial ability of any person who is a member, partner, director, officer, or five percent (5%) or more shareholder of the applicant or who otherwise controls the applicant;

(3) The requirements set forth in subdivisions (1) and (2) of this section shall be continuing in nature; and

(4) The board shall deny an application for a permit to conduct a check-cashing business or for renewal of a permit if the applicant or any person referred to in subdivision (2)(B) of this section has a felony conviction involving dishonesty, fraud, or deceit, provided the crime is substantially related to the qualifications, functions, or duties of a person engaged in the check-cashing business.

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State Codes and Statutes

Statutes > Arkansas > Title-23 > Subtitle-2 > Chapter-52 > 23-52-107

23-52-107. Qualification for check-casher permit.

A check-casher permit applicant shall satisfy the following requirements to qualify for a permit under this chapter:

(1) The applicant shall have a minimum of cash or other liquid assets of at least twenty thousand dollars ($20,000) for the operation of each location at which the applicant will engage in the check-cashing business and shall be required to post with the State Board of Collection Agencies a fifty-thousand-dollar bond payable to the State of Arkansas;

(2) The financial responsibility, financial condition, and business experience of the applicant shall reasonably warrant the belief that the applicant's check-cashing business will be conducted in accordance with this chapter. In determining whether this qualification has been met and for the purpose of investigating compliance with this chapter, the board may review and approve the following:

(A) The relevant business records and the capital adequacy of the applicant; and

(B) The competence, experience, and financial ability of any person who is a member, partner, director, officer, or five percent (5%) or more shareholder of the applicant or who otherwise controls the applicant;

(3) The requirements set forth in subdivisions (1) and (2) of this section shall be continuing in nature; and

(4) The board shall deny an application for a permit to conduct a check-cashing business or for renewal of a permit if the applicant or any person referred to in subdivision (2)(B) of this section has a felony conviction involving dishonesty, fraud, or deceit, provided the crime is substantially related to the qualifications, functions, or duties of a person engaged in the check-cashing business.