Section 45.03 - Procedures to Apply for or Renew a License(1)Applications. Each applicant for a license shall submit an application for licensure through the NMLS, containing such information as the Commissioner may require.(2)Requirements. An applicant shall be required to submit detailed information supporting the following general requirements:(a)Financial Responsibility. 1. An applicant for a check seller or foreign transmittal agency license shall demonstrate and provide the Commissioner with evidence of its financial responsibility and submit a sworn statement that the applicant meets the foregoing requirement.2. An applicant for a check casher license shall demonstrate and provide the Commissioner with evidence of its financial responsibility and submit a sworn statement that the applicant meets the following requirements. An applicant for a check casher license shall demonstrate and maintain a net worth of not less than $25,000 and maintain adequate liquidity for the nature and volume of the applicant's business.(b)Financial Statements. An applicant shall submit financial statements prepared in accordance with U.S. generally accepted accounting principles, in U.S. dollars, meeting the following minimum requirements:1.Contents. The financial statements required by 209 CMR 45.00 shall include, but are not limited to, a Balance Sheet, Statement of Income, and Statement of Cash Flows, and all relevant notes thereto. An applicant shall also submit financial statements for the preceding fiscal year and such other financial information as the Commissioner may require. If an applicant's audited or reviewed financial statements are consolidated, the applicant shall include a separate breakdown of all consolidated entities. Consolidated financial statements shall include a separate, stand-alone breakdown of the applicant with a separate balance sheet, income statement, and statement of cash flows.2.Initial Application. An applicant shall submit audited or reviewed financial statements for its preceding fiscal year or such other financial information as the Commissioner may require.3.Renewal Applications. An applicant for a license renewal shall submit financial statements audited by an independent certified public accountant within 90 days of the close of its most recent fiscal year. If audited financial statements were not prepared, an applicant shall submit financial statements reviewed by an independent certified public accountant within 90 days of the close of its most recent fiscal year.4.Scope. Audited financial statements shall be prepared in accordance with generally accepted auditing standards, and reviewed financial statements shall be prepared in accordance with Statements of Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.(c)Character and Fitness. An applicant shall submit information demonstrating that the applicant possesses the character, reputation, integrity, and fitness to engage in the licensed business in an honest, fair, sound, and efficient manner.(d)Public Need. An applicant for a check casher license shall demonstrate to the Commissioner's satisfaction that the public need for the establishment of a check cashing business in the area specified in the application is consistent with the provisions of M.G.L. c. 169A, § 3.(e)Business Experience. An applicant shall demonstrate to the Commissioner's satisfaction that the applicant, and its applicable officers and employees, possess the necessary educational and business experience to engage in the licensed business.(f)Other Information. An applicant shall submit such other information the Commissioner may deem necessary to properly evaluate an application.(3)Bond.(a) Each applicant for a foreign transmittal agency license shall execute and deliver a bond in such amounts as determined by the Commissioner under M.G.L. c. 169, § 2. Such bond shall be examined and approved by the Commissioner in accordance with M.G.L. c. 169, § 3 prior to the issuance of any license to engage in the business of a foreign transmittal agency.(b) Each applicant for a check seller license shall deposit and maintain a surety bond, cash or securities, in the sum of $100,000. Such bond or deposit shall be held as security for the payment of checks or money orders sold by such person or such person's authorized agents, in accordance with M.G.L. c. 167F, § 4.Amended by Mass Register Issue 1321, eff. 9/9/2016.Amended by Mass Register Issue 1324, eff. 9/9/2016.Amended by Mass Register Issue 1408, eff. 1/10/2020.