1.Each application for a license pursuant to sections 361.700 to 361.727 shall be in writing and under oath to the director in such form as he may prescribe.The application shall state the full name and business address of: (1)The proprietor, if the applicant is an individual; (2)Every member, if the applicant is a partnership or association; (3)The corporation and each officer and director thereof, if the applicant is a corporation. 2.

This legal document pertains to the requirements for obtaining a license to engage in the sale or issuance of checks and the receipt of money for transmission. Applicants must provide a corporate surety bond or an irrevocable letter of credit to secure their obligations and cover costs incurred by the division in case of breach. The initial bond amount is set at $100,000, and upon license renewal, it is determined based on the licensee’s previous year’s outstanding balance or transmitted amount.

This legal document pertains to the issuance of licenses for businesses in Missouri under the Division of Finance and Powers of Director of Finance. The document outlines the process for obtaining a license, which includes filing an application, submitting a certified audit, paying an investigation fee, and obtaining approval for a necessary bond. The director is responsible for investigating and determining the character, responsibility, and general fitness of the principals of the applicant or any affiliates.

Every licensee shall at all times have on demand deposit in a federally insured depository institution or in the form of cash on hand or in the hands of his agents or in readily marketable securities an amount equal to all outstanding unpaid checks sold by him or his agents in Missouri, in addition to the amount of his bond.Upon demand by the director, licensees must immediately provide proof of such funds or securities.

Each licensee may conduct business at one or more locations within this state and by means of employees, agents, subagents or representatives as such licensee may designate.No license under sections 361.700 to 361.727 shall be required of any such employee, agent, subagent or representative who sells checks in behalf of a licensee.Each such agent, subagent or representative shall upon demand transfer and deliver to the licensee the proceeds of the sale of licensee’s checks less the fees, if any, due such agent, subagent or representative.

Each licensee shall file with the director annually on or before April fifteenth of each year a statement listing the locations of the offices of the licensee and the names and locations of the agents or subagents authorized by the licensee to engage in the sale of checks of which the licensee is the issuer. ——– (L. 1984 H.B. 1374 11)

The director may at any time suspend or revoke a license, for any reason he might refuse to grant a license, for failure to pay an annual fee or for a violation of any provision of sections 361.700 to 361.727.No license shall be denied, revoked or suspended except on ten days’ notice to the applicant or licensee.Upon receipt of such notice the applicant or licensee may, within five days of such receipt, make written demand for a hearing.

The director shall issue regulations necessary to carry out the intent and purposes of sections 361.700 to 361.727, pursuant to the provisions of section 361.105 and chapter 536. ——– (L. 1984 H.B. 1374 13, A.L. 1993 S.B. 52, A.L. 2021 S.B. 106)

Any other provisions of the law to the contrary notwithstanding, any person, firm or corporation shall not be subject to any administrative proceeding or penalty for any acts or omissions done in reliance on a written interpretation of any sections of chapter 408, by the division of finance, which is applicable to a specific set of facts originally proposed by the person, firm or corporation prior to committing such acts or omissions.

This provision pertains to trust companies and their acceptance of demand deposits. It states that the articles of agreement of a trust company may prevent the acceptance of demand deposits. In such cases, the procedure for granting or denying a charter for the trust company will be determined by the provisions outlined in sections 362.025 to 362.040 of the Revised Statutes of Missouri. However, the determination of need and convenience will be limited to the need for fiduciary services as authorized under subsection 3 of section 362.