Section 36a-599 - (Formerly Sec. 36-534). License fees. Surrender of license(a) Each applicant for a money transmission license shall pay to the system any required fees or charges and a license fee of one thousand eight hundred seventy-five dollars. Each such license shall expire at the close of business on December thirty-first of the year in which the license was approved, unless such license is renewed, except that any such license approved on or after November first shall expire at the close of business on December thirty-first of the year following the year in which it is approved. An application for renewal of a license shall be filed between November first and December thirty-first of the year in which the license expires. Each applicant for renewal of a money transmission license shall pay to the system any required fees or charges and a renewal fee of one thousand one hundred twenty-five dollars.(b) Not later than fifteen days after the date a licensee ceases to engage in the business of money transmission in this state for any reason, including a business decision to terminate operations in this state, license revocation, bankruptcy or voluntary dissolution, such licensee shall request surrender of the license in accordance with subsection (c) of section 36a-51 for each location where such licensee has ceased to engage in such business. The licensee shall also identify, in writing, to the commissioner the location where the records of the licensee will be stored and the name, address and telephone number of an individual authorized to provide access to the records. The surrender of a license does not reduce or eliminate the licensee's civil or criminal liability arising from acts or omissions occurring prior to the surrender of the license, including any administrative actions undertaken by the commissioner to revoke or suspend a license, assess a civil penalty, order restitution or exercise any other authority provided to the commissioner.(c) Each license shall remain in force and effect until the license has been surrendered, revoked or suspended or has expired in accordance with the provisions of sections 36a-595 to 36a-612, inclusive. No abatement of the license fee shall be made if the applicant is denied or withdrawn prior to issuance of the license or if the license is surrendered, revoked or suspended prior to the expiration of the period for which it was issued. All fees required by this section shall be nonrefundable.(d) Each licensee shall maintain a detailed plan and accounting as to how the licensee shall engage in winding down operations, and shall provide such plan and accounting to the commissioner upon request. Such plan and accounting shall contain: (1) A record showing that the licensee's minimum net worth and reserves are sufficient to prevent losses to consumers and purchasers and to repay any outstanding obligations or accounts payable;(2) Procedures to ensure that, after winding down operations, the licensee shall not retain any consumer funds, purchaser funds or other client funds;(3) A plan demonstrating that consumers shall have access to consumer funds in the licensee's custody;(4) Detailed instructions informing consumers how they may withdraw consumer funds upon request; and(5) Any other records and information requested by the commissioner regarding winding down operations.(e) No licensee shall terminate such licensee's business unless the following conditions are met: (1) The licensee provides written notice to the commissioner of the proposed termination at least thirty days prior to the effective date of such proposed termination;(2) The licensee notifies, in writing, all consumers, purchasers and users of the licensee of the proposed termination, and the date of such proposed termination, at least thirty days prior to the date of such proposed termination;(3) The licensee provides all consumers, purchasers and users of the licensee with detailed final accountings of the accounts of such consumers, purchasers and users;(4) The licensee remits all money held in the custody of the licensee on behalf of consumers, purchasers and users to such consumers, purchasers and users; and(5) The licensee files a request to surrender such licensee's license and the commissioner accepts such request.Conn. Gen. Stat. § 36a-599
(P.A. 81-264, S. 5; P.A. 88-150, S. 8; P.A. 92-89 , S. 15 , 20 ; P.A. 98-192 , S. 5 ; P.A. 01-56 , S. 6 ; P.A. 05-46 , S. 12 ; P.A. 06-35 , S. 7 ; P.A. 08-119 , S. 12 ; June Sp. Sess. P.A. 09-3 , S. 381 ; P.A. 13-253 , S. 5 ; P.A. 18-173 , S. 52 .)
Amended by P.A. 24-0146,S. 3 of the Connecticut Acts of the 2024 Regular Session, eff. 10/1/2024.Amended by P.A. 18-0173, S. 52 of the Connecticut Acts of the 2018 Regular Session, eff. 10/1/2018.