Arizona Arizona Revised Statutes

§ 6-1214 — Acquisition of control

ARS § 6-1214Title 6. Banks and Financial Institutions · Ch. 12. TRANSMITTERS OF MONEY · Art. 1. Money Transmission

Statute text

6-1214. Acquisition of control A. Any person or group of persons acting in concert, seeking to acquire control of a licensee, shall obtain the written approval of the director before acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to this section when the individual becomes a key individual in the ordinary course of business. B. A person or group of persons acting in concert, seeking to acquire control of a licensee, in cooperation with the licensee shall: 1. Submit an application in a form prescribed by the director. 2. Submit a nonrefundable fee as prescribed in section 6-126. C. On request, the director may allow a licensee or the person or group of persons acting in concert to submit some or all information required by the director pursuant to subsection B, paragraph 1 of this section without using NMLS. D. The application required by subsection B, paragraph 1 of this section shall include information required by section 6-1210 for any new key individuals that have not previously completed the requirements of section 6-1210 for a licensee. E. When an application for acquisition of control under this section appears to include all of the items and address all of the matters that are required, the application shall be considered complete. The director shall promptly notify the applicant in a record of the date on which the application was determined to be complete and all of the following apply: 1. The director shall approve or deny the application within sixty days after the completion date. 2. If the application is not approved or denied within sixty days after the completion date:

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