(a) An application for a license under this division shall meet all of the following requirements: (1) The application shall be in a form and medium prescribed by the department. (2) Except as otherwise provided in subdivision (b), the application shall provide all of the following information relevant to the applicantâs proposed digital financial asset business activity: (A) The legal name of the applicant, any current or proposed business United States Postal Service mailing address of the applicant, and any fictitious or trade name the applicant uses or plans to use in conducting the applicantâs digital financial asset business activity with or on behalf of a resident. (B) The legal name, any former or fictitious name, and the residential and business United States Postal Service mailing address of any executive officer and responsible individual of the applicant and any person that has control of the applicant. (C) A description of the current and former business of the applicant for the five years before the application is submitted, or, if the business has operated for less than five years, for the time the business has operated, including its products and services, associated internet website addresses and social media pages, principal place of business, projected user base, and specific marketing targets. (D) A list of all of the following: (i) Any financial regulatory license the applicant holds in another state. (ii) The date the license described in clause (i) expires. (iii) Any license revocation, license suspension, or other disciplinary action taken against the licensee in any state and any license applications rejected by any state. (E) A list of any criminal conviction, deferred prosecution agreement, and pending criminal proceeding in any jurisdiction against all of the following: (i) The applicant. (ii) Any executive officer of the applicant. (iii) Any responsible individual of the applicant. (iv) Any person that has control over the applicant. (v) Any person over which the applicant has control. (F) A list of any litigation, arbitration, or administrative proceeding in any jurisdiction in which the applicant or an executive officer or a responsible individual of the applicant has been a party for the 10 years before the application is submitted determined to be material in accordance with generally accepted accounting principles and, to the extent the applicant would be required to disclose the litigation, arbitration, or administrative proceeding in the applicantâs audited financial statements, reports to equity owners and similar statements or reports. (G) A list of any bankruptcy or receivership proceeding in any jurisdiction for the 10 years before the application is submitted in which any of the following was a debtor: (i) The applicant. (ii) An executive officer of the applicant. (iii) A responsible individual of the applicant. (iv) A person that has control over the applicant. (v) A person over which the applicant has control. (H) The name and United States Postal Service mailing address of any bank in which the applicant plans to deposit funds obtained by its digital financial asset business activity. (I) The source of funds and credit to be used by the applicant to conduct digital financial asset business activity with, or on behalf of, a resident. (J) Documentation demonstrating that the applicant has the capital and liquidity required by Section 3207. Documentation shall include, but is not limited to, both of the following: (i) A copy of the applicantâs audited financial statements for the most recent fiscal year and for the two-year period next preceding the submission of the application, if available. (ii) A copy of the applicantâs unconsolidated financial statements for the current fiscal year, whether audited or not, and, if available, for the two-year period next preceding the submission of the application. (K) The United States Postal Service mailing address and email address to w
‹ Prev All California sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.