Colorado Revised Statutes Title 11. Financial Institutions § 11-110-109. Issuance of license

(1) Upon the filing of an application, the commissioner shall investigate the applicant. The applicant shall pay for the cost of the investigation. If the board finds that the applicant is of good moral character and financially responsible and can comply with this article 110, the board shall approve the application and notify the applicant in writing that the approval expires six months after the approval date. Once the approved applicant has notified the board that the applicant is prepared to commence operations in Colorado, posted the required bond, and paid the license fee, the board shall issue to the applicant a license to engage in the business of money transmission subject to this article 110.

(2) The commissioner shall not issue a license to an applicant, if a natural person, unless the applicant is over twenty-one years of age; or, if a partnership or syndicate, unless each of the partners is over twenty-one years of age; or, if a joint stock association, common law trust, unincorporated company or association, or corporation, unless each of the officers, directors, trustees, or other managing officials is over twenty-one years of age.

(3) If the board denies an application, the board shall, within thirty days after the denial, prepare and file in its office a written order of denial, which must contain the board's findings and reasons supporting the denial. Within ten days after filing the order of denial, the board shall notify the applicant and send the applicant a copy of the order. The applicant may request a hearing by the board by submitting a written request to the board within sixty days after receiving notice as specified in section 24-4-104(9), and, if so requested, the board shall hold a hearing as specified in section 24-4-105.

(4) A license shall not be issued to an applicant if an owner, principal shareholder, principal member, director, trustee, officer, or other managing official: