Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6104. Qualifications for a license

(a) To qualify for a license an applicant shall:

(1) have a tangible net worth of at least five hundred thousand dollars ($500,000);  and

(2) Deleted by 2016, Nov. 3, P.L. 1002, No. 129, § 6 , effective in 60 days [Jan. 3, 2017].

(3) undertake to operate the business honestly, fairly and in accordance with this act.

(b) The department may deny a license if it finds that the applicant, or a director, officer, partner, employee, agent or ultimate equitable owner of ten percent or more of the applicant, has been convicted of a crime of moral turpitude or felony in any jurisdiction, or has been convicted of a crime which, if committed in this Commonwealth, would constitute a crime of moral turpitude or felony, at any time during the seven years prior to the license application.  For purposes of this subsection, a person shall be deemed to have been convicted of a crime if the person:

(1) has pleaded guilty or nolo contendere to a criminal charge before a domestic, foreign or military court or Federal magistrate;  or

(2) has been found guilty by a decision or judgment of a domestic, foreign or military court or Federal magistrate or by a verdict of a jury, irrespective of the pronouncement of sentence or the suspension thereof, unless the plea of guilty or nolo contendere or the decision, judgment or verdict is set aside, vacated, reversed or otherwise abrogated by lawful judicial process.

(c) The department may deny a license or otherwise restrict a license if it finds that the applicant, or a director, officer, partner, employee, agent or ultimate equitable owner of ten percent or more of the applicant:

(1) has had a license or license application denied, not renewed, suspended or revoked by the department, another Commonwealth licensing agency or any other Federal or State regulatory agency;

(2) is the subject of an order of the department or any other regulatory agency;

(3) has violated or failed to comply with any provision of this act or any regulation, statement of policy or order of the department;

(4) has any outstanding debt to the Commonwealth or any Commonwealth agency;  or

(5) does not possess the financial responsibility, character, reputation, integrity and general fitness to command confidence of the public to warrant the belief that the money transmission business will be operated lawfully, honestly, fairly and within the legislative intent of this act and in accordance with the general laws of this Commonwealth.  For purposes of this clause, an applicant is not financially responsible if the applicant has shown a disregard in the management of the applicant's own financial condition.  The factors that the department may consider in making a determination regarding an applicant's financial responsibility shall include:

(i) current outstanding judgments, other than judgments solely as a result of medical expenses;

(ii) current outstanding tax liens or other government liens and filings;

(iii) foreclosures or bankruptcies within the past three years;  or

(iv) a pattern of seriously delinquent accounts within the past three years.

(d) The department may impose conditions on the issuance of a license.  If the department determines that conditions imposed upon a licensee have not been fulfilled, the department may take any action authorized under this act against the licensee that the department deems necessary.


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