§ 6104. Qualifications for a license
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: January 3, 2017
Effective: January 3, 2017
7 P.S. § 6104
§ 6104. Qualifications for a license
(b) The department may deny a license if it finds that the applicant, or a director, officer, partner, employee, agent or ultimate equitable owner of ten percent or more of the applicant, has been convicted of a crime of moral turpitude or felony in any jurisdiction, or has been convicted of a crime which, if committed in this Commonwealth, would constitute a crime of moral turpitude or felony, at any time during the seven years prior to the license application. For purposes of this subsection, a person shall be deemed to have been convicted of a crime if the person:
(2) has been found guilty by a decision or judgment of a domestic, foreign or military court or Federal magistrate or by a verdict of a jury, irrespective of the pronouncement of sentence or the suspension thereof, unless the plea of guilty or nolo contendere or the decision, judgment or verdict is set aside, vacated, reversed or otherwise abrogated by lawful judicial process.
(5) does not possess the financial responsibility, character, reputation, integrity and general fitness to command confidence of the public to warrant the belief that the money transmission business will be operated lawfully, honestly, fairly and within the legislative intent of this act and in accordance with the general laws of this Commonwealth. For purposes of this clause, an applicant is not financially responsible if the applicant has shown a disregard in the management of the applicant's own financial condition. The factors that the department may consider in making a determination regarding an applicant's financial responsibility shall include:
Credits
1965, Sept. 2, P.L. 490, No. 249, § 4. Amended 1977, July 9, P.L. 70, No. 25, § 1, imd. effective; 2016, Nov. 3, P.L. 1002, No. 129, § 6, effective in 60 days [Jan. 3, 2017].
7 P.S. § 6104, PA ST 7 P.S. § 6104
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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