State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-208_7

§ 53‑208.7.  Licenseapplication.

(a)        Each applicationfor a license under this Article shall be made in writing, under oath, and in aform prescribed by the Commissioner. For all applicants, each application shallcontain:

(1)        The exact name ofthe applicant, the applicant's principal address, any assumed or trade nameused by the applicant in the conduct of its business, and the location of theapplicant's business records.

(2)        The history of theapplicant's material civil litigation for a 10‑year period prior to thedate of the application and a record of any criminal convictions.

(3)        A description of theactivities conducted by the applicant and a history of operations.

(4)        A description of thebusiness activities in which the applicant seeks to be engaged in the State.

(5)        A list identifyingthe applicant's proposed authorized delegates in the State, if any, at the timeof the filing of the license application.

(6)        A sample authorizeddelegate contract, if applicable.

(7)        A sample form ofpayment instrument, if applicable, which bears the name and address ortelephone number of the issuer clearly printed on the payment instrument.

(8)        The location orlocations at which the applicant and its authorized delegates, if any, proposeto conduct the licensed activities in the State.

(9)        The name and addressof the clearing bank or banks on which the applicant's payment instruments willbe drawn or through which the payment instruments will be payable.

(b)        If the applicant isa corporation, the applicant shall also provide:

(1)        The date of theapplicant's incorporation and state of incorporation.

(2)        A certificate ofgood standing from the state in which the applicant was incorporated.

(3)        A certificate ofauthority from the Secretary of State to conduct business in this State, ifrequired by the North Carolina Business Corporations Act, Chapter 55 of theGeneral Statutes.

(4)        A description of thecorporate structure of the applicant, including the identity of any parent orsubsidiary of the applicant and the disclosure of whether any parent orsubsidiary is publicly traded on any stock exchange.

(5)        The name, businessand residence address, and employment history for the past five years of theapplicant's executive officers and the officers or managers who will be incharge of the applicant's activities to be licensed pursuant to this Article.

(6)        The name, businessand residence address, and employment history for the period five years priorto the date of the application of any key shareholder of the applicant.

(7)        The history ofmaterial civil litigation for a 10‑year period prior to the date of theapplication and a record of any criminal conviction for every executive officeror key shareholder.

(8)        A copy of theapplicant's most recent audited financial statement, including the balancesheet, statement of income or loss, statement of changes in shareholder equity,and statement of changes in financial position and, if available, theapplicant's audited financial statements for the immediately preceding two‑yearperiod. However, if the applicant is a wholly owned subsidiary of anothercorporation, the applicant may submit either the parent corporation'sconsolidated audited financial statements for the current year and for theimmediately preceding two‑year period or the parent corporation's Form10K reports filed with the United States Securities and Exchange Commission forthe prior three years in lieu of the applicant's financial statements. If theapplicant is a wholly owned subsidiary of a corporation having its principalplace of business outside the United States, similar documentation filed withthe parent corporation's non‑United States regulator may be submitted tosatisfy this provision.

(9)        Copies of allfilings, if any, made by the applicant with the United States Securities andExchange Commission, or with a similar regulator in a country other than theUnited States, within the year preceding the date of filing of the application.

(c)        If the applicant isnot a corporation, the applicant shall also provide:

(1)        The name, businessand residence address, personal financial statement, and employment history,for the past five years, of each principal of the applicant and the name,business and residence address, and employment history for the past five yearsof any other person or persons who will be in charge of the applicant'sactivities to be licensed pursuant to this Article.

(2)        The place and dateof the applicant's registration or qualification to do business in this State.

(3)        The history ofmaterial civil litigation for a 10‑year period prior to the date of theapplication and a record of any criminal conviction for each individual havingan ownership interest in the applicant and each individual who exercisessupervisory responsibility with respect to the applicant's activities.

(4)        Copies of theapplicant's audited financial statements, including the balance sheet,statement of income or loss, and statement of changes in financial position,for the current year and, if available, for the immediately preceding two‑yearperiod.

TheCommissioner is authorized, for good cause shown, to waive any requirements ofthis section with respect to any license application or to permit a licenseapplicant to submit substituted information in its license application in lieuof the information required by this section. (2001‑443, s. 2.)