Section 3 AAC 11.010 - Application for license(a) To apply for a deferred deposit license under AS 06.50.010, an applicant must submit a separate application to the department through the registry for each physical location, Internet website, and software application through which the applicant conducts business. In addition to the information required under AS 06.50.030, the application must contain (2)a complete Form MU2 for each control person and office manager;(3)the applicant's current business license issued under AS 43.70;(4)for an applicant that is a corporation, a limited liability company, a partnership, or another entity, (A) a brief description of the structure or organization of the applicant, including any parent or subsidiary of the applicant, and whether any parent or subsidiary is publicly traded;(B) documentation of the business organization and authorization required under (b) through (e) of this section; and(C) a copy of the current filing, with the department division overseeing corporations, that designates the registered agent in the state;(5) a copy of the business name registration form for the legal name of the applicant, submitted to and stamped "received" by the department division overseeing corporations;(6) if the applicant is applying for the use of one or more other trade names on the Form MU1, a copy of the business name registration form for each other trade name, submitted to and stamped "received" by the department division overseeing corporations;(7) satisfactory proof that the person holds at least $25,000 in cash assets for each location engaging in deferred deposit activity;(8) proposed and current instruments that are related to advance transactions for the purpose of investigating compliance with AS 06.50, other state law, and federal law requirements, including (A) the advance agreement;(B) the disclosure statements required under AS 06.50 and under Federal law;(C) the maximum advance terms and fees;(D) the required fee notice and descriptions of where the notice will be posted in each location; and (E) other documents used in the regular course of business;(9) a fully executed bond as required under AS 06.50.040, to be submitted electronically through the registry;(10) a written summary of the applicant and each control person's personal history, on a form prescribed by the registry, to demonstrate the qualifications required under AS 06.50.020(a)(2) and authorization for the registry and the department to obtain information related to administrative, civil, or criminal findings by a governmental jurisdiction; and(11) other information the department reasonably requires with respect to the applicant.(b) If the applicant is a corporation, in addition to the requirements in (a) of this section, the applicant must submit through the registry a certified copy of (1) complete and current articles of incorporation and bylaws, and a certificate of good standing issued by the domestic state; and(2) if the corporation is not organized in this state, the corporation's certificate of authority to transact business in this state.(c) If the applicant is a limited liability company, in addition to the requirements in (a) of this section, the applicant must submit through the registry a certified copy of (1) complete and current articles of organization and operating agreement, and a certificate of good standing issued by the domestic state; and(2)the limited liability company's certificate of registration in this state, required before transacting business in this state, if the limited liability company is not organized in this state. (d) If the applicant is a limited partnership, in addition to the requirements in (a) of this section, the applicant must submit through the registry a certified copy of (1)the complete and current certificate of limited partnership and the partnership agreement, and a certificate of good standing issued by the domestic state; and(2) the limited partnership's certificate of registration in this state, required before transacting business in this state, if the limited partnership is not organized in this state.(e) If the applicant is a limited liability partnership, in addition to the requirements in (a) of this section, the applicant must submit through the registry a certified copy of (1)the complete and current certificate of qualification and the partnership agreement, and a certificate of good standing issued by the domestic state; and(2) the limited liability partnership's statement of foreign qualification required before transacting business in this state, if the limited liability partnership is not organized in this state,(f)If the answer to any of the disclosure questions on the Form MU1 or Form MU2 is "yes," the applicant must provide complete details in writing of each event or proceeding, including, as applicable, the name and location of the court, the docket or case number, the status and summary of the event or proceeding, and a copy of an applicable charge, order, or consent agreement submitted through the registry.(g)To obtain and maintain a license under AS 06.50 a person must comply with all requirements of the registry, including the payment of fees assessed by the registry.(h) An applicant must pay in full reasonable investigation expenses incurred by the department when processing and reviewing an initial or renewal license application to do business under AS 06.50 before the department will approve a license.(i) The first installment of the fee required under 3 A AC 11.020 must be paid at the time of application through the registry.Eff. 1/1/2005, Register 172; am 12/21/2019, Register 232, January 2020 As of Register 198 (July 2011), the regulations attorney made a technical revision under AS 44.62.125(b)(6), to the authority citation for 3 AAC 11.010.
Authority:
AS 06.01.010
AS 06.50.020
AS 06.50.030
AS 06.50.040
AS 06.50.050
AS 06.50.080
AS 06.50.330
AS 06.50.400
AS 06.50.410
AS 06.50.460
AS 06.50.500
AS 06.50.510
AS 06.50.600
AS 06.50.610