New Jersey Administrative Code
Title 3 - BANKING
Chapter 27 - MONEY TRANSMITTERS
Subchapter 2 - LICENSING
Section 3:27-2.2 - Application for an initial license

Universal Citation: NJ Admin Code 3:27-2.2

Current through Register Vol. 56, No. 18, September 16, 2024

(a) All persons applying for an initial license pursuant to the Act shall submit the following:

1. A completed application form as prescribed by the Commissioner which shall comply in all respects with the requirements of 17:15C-7;

2. An original, executed bond or an irrevocable letter of credit which meets the requirements of 3:27-4.1;

3. An audited financial statement prepared by a certified public accountant or a public accountant, in good standing, demonstrating proof of net worth as specified in 3:27-5.1; and

4. The application fee specified in 3:27-3.2 and 3:23-2.1.

(b) In addition, for each executive officer, key shareholder, officer, owner, partner and manager responsible for the business to be licensed, the following information is required to be furnished to the Department:

1. A personal certification on a form supplied by the Commissioner;

2. A two inch by two inch passport style photograph of the persons listed in (b) above;

3. Fingerprints in the manner currently required by the New Jersey State Police or their authorized representative. In the case of a publicly traded corporation, its subsidiaries and affiliates, or a bank, bank holding company, and the subsidiaries and affiliates thereof, it is not required that the applicant furnish the fingerprints of each of the applicant's executive officers and of each officer or manager who will be in charge of the applicant's activities requiring licensure; and

4. Additional information, which may be specifically requested by the Commissioner from a particular applicant.

(c) No applicant for a license shall commence operations until a license has been issued.

(d) Corporate applicants for a money transmitter license shall submit a copy of the Certificate of Incorporation showing the filed or recording stamp of the New Jersey Department of Treasury, Division of Revenue, and shall identify the registered agent for service of process. Foreign corporations shall submit a New Jersey Certificate of Authority in addition to a corporate certificate.

(e) Individual or partnership applicants using a trade name shall submit a copy of the trade name as filed with the county clerk showing the date of recording.

(f) Corporations using alternate names shall file a copy of registration of such name, as recorded, as part of their applications, in addition to the documents listed in (a) above.

(g) Limited liability companies shall file a copy of the Certificate of Formation.

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