Section 51A-17-63 - Background report-Individual in control residing outside United StatesIf any individual in control of a licensee or applicant or any individual that seeks to acquire control of a licensee or each key individual has resided outside of the United States at any time in the last ten years, the individual must also provide an investigative background report prepared by an independent search firm that meets the following requirements:
(1) At a minimum, the search firm shall: (a) Demonstrate that the search firm has sufficient knowledge, resources, and employs accepted and reasonable methodologies to conduct the research of the background report; and(b) Not be affiliated with or have an interest with the individual the search firm is researching, and(2) At a minimum, the investigative background report must be written in the English language and must contain the following:(a) If available in the individual's current jurisdiction of residency, a comprehensive credit report or any equivalent information obtained or generated by the independent search firm to accomplish the report, including a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;(b) Criminal records information for the past ten years, including, but not limited to, felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;(d) Media history, including an electronic search of national and local publications, wire services, and business applications; and(e) Financial services-related regulatory history, including but not limited to, money transmission, securities, banking, insurance, and mortgage-related industries.Added by S.L. 2024, ch. 196,s. 12, eff. 7/1/2024.