230 R.I. Code R. 230-RICR-40-20-2.5

Current through December 26, 2024

Section 230-RICR-40-20-2.5 - Applications

A. Application. All licensees shall make application for a license through the National Mortgage Licensing System (NMLS). Any changes to the information provided in the application must be reported to the Department, within thirty (30) days through an NMLS filing.

B. Interpretation of Community. The Director, in reviewing an application for a license to cash checks shall consider the proposed licensee's community, as required by R.I. Gen. Laws § 19-14.4-2, to include the community as proposed by the applicant in its application or business plan, which community in no event shall be less than a one (1) mile geographic radius of the proposed location.

C. Qualified Individual or Branch Manager. All such persons must have at least five (5) years' experience in check cashing including, without limitation, employment, supervision, or independent work experience. Factors to be considered when assessing the quality of an individual's experience shall include the number, complexity and types of transactions handled in relation to the type of license sought by the application. The Department, will consider experience for a lesser period than five (5) years depending on individual circumstances. Factors which the Department shall consider for such a lesser experience period include but are not limited to the individual's educational experience, the complexity of transactions in relation to the type of license sought by the application and the supervision and oversight over the manager or person designated to operate the licensed business by a person having at least five (5) years of qualified experience.

D. Criminal Background Checks. All officers, directors, owners of 10% or more, Qualified Individuals and Branch Managers must submit the following information to the Division by mail

1. An Original and Completed Authorization for Background Check and Release form in the form provided on NMLS;

2. A copy of the individual's valid photo Id, such as an unexpired driver's license or passport;

3. Two (2) completed fingerprint cards (the Division does not provide cards);

4. An Original Certification of Fingerprinting by other agencies form in the form provided on NMLS; and

5. A check in the amount of $35 per individual made payable to "BCI" for the cost of the background check

E. Change in Ownership. Any change in ownership of twenty-five percent (25%) or more of the voting stock or equity interests of a licensee requires notification to the Department fifteen (15) days after such a change in ownership. With the notice of a change in ownership to the Department, the licensee shall submit information in substantially the same form as a new application relating to the new owner(s) and new directors, officers and managers, including names, addresses and personal background information. If the new owner(s) and new directors, officers and managers have the financial responsibility, experience, character and general fitness as required of an applicant, the Department shall approve such change in control. The Department shall approve or deny such a change in control within thirty (30) days of receipt of all information the Department requires to be filed to make such a determination.

F. Advertising. Each licensee shall include in all advertisements disseminated primarily in Rhode Island words substantially similar to "Rhode Island Licensed Check Casher."

230 R.I. Code R. 230-RICR-40-20-2.5