(1) When an application for an original license under this chapter appears to include all the items and addresses all of the matters that are required, the application is complete and the commissioner shall promptly notify the applicant in a record of the date on which the application is determined to be complete, and:(a) The commissioner shall approve or deny the application within one hundred twenty (120) days after the completion date; or(b) If the application is not approved or denied within one hundred twenty (120) days after the completion date:(i) The application is approved;(ii) The license takes effect as of the first business day after expiration of the one-hundred-twenty-day period; and(iii) The commissioner may for good cause extend the application period.
(a) The commissioner shall approve or deny the application within one hundred twenty (120) days after the completion date; or
(b) If the application is not approved or denied within one hundred twenty (120) days after the completion date:(i) The application is approved;(ii) The license takes effect as of the first business day after expiration of the one-hundred-twenty-day period; and(iii) The commissioner may for good cause extend the application period.
(i) The application is approved;
(ii) The license takes effect as of the first business day after expiration of the one-hundred-twenty-day period; and
(iii) The commissioner may for good cause extend the application period.
(2) A determination by the commissioner that an application is complete and is accepted for processing means only that the application, on its face, appears to include all of the items, including the Criminal Background Check response from the FBI, and address all of the matters that are required, and is not an assessment of the substance of the application or of the sufficiency of the information provided.
(3) When an application is filed and considered complete under this section, the commissioner shall investigate the applicant’s financial condition and responsibility, financial and business experience, character and general fitness. The commissioner may conduct an on-site investigation of the applicant, the cost of which the applicant must pay. The commissioner shall issue a license to an applicant under this section if the commissioner finds that all of the following conditions have been fulfilled:(a) The applicant has complied with Sections 75-16-25 and 75-16-27; and(b) The financial condition and responsibility, financial and business experience, competence, character and general fitness of the applicant; and the competence, experience, character and general fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.
(a) The applicant has complied with Sections 75-16-25 and 75-16-27; and
(b) The financial condition and responsibility, financial and business experience, competence, character and general fitness of the applicant; and the competence, experience, character and general fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.
(4) If an applicant avails itself or is otherwise subject to a multistate licensing process:(a) The commissioner is authorized and encouraged to accept the investigation results of a lead investigative state for the purpose of subsection (3) of this section if the lead investigative state has sufficient staffing, expertise, and minimum standards; or(b) If Mississippi is a lead investigative state, the commissioner is authorized and encouraged to investigate the applicant pursuant to subsection (3) of this section and the timeframes established by agreement through the multistate licensing process, provided, however, that in no case shall such timeframe be noncompliant with the application period in subsection (1)(a) of this section.
(a) The commissioner is authorized and encouraged to accept the investigation results of a lead investigative state for the purpose of subsection (3) of this section if the lead investigative state has sufficient staffing, expertise, and minimum standards; or
(b) If Mississippi is a lead investigative state, the commissioner is authorized and encouraged to investigate the applicant pursuant to subsection (3) of this section and the timeframes established by agreement through the multistate licensing process, provided, however, that in no case shall such timeframe be noncompliant with the application period in subsection (1)(a) of this section.
(5) The commissioner shall issue a formal written notice of the denial of a license application. The commissioner shall set forth in the notice of denial the specific reasons for the denial of the application. An applicant whose application is denied by the commissioner under this subsection (5) may appeal within thirty (30) days after receipt of the written notice of the denial. Such appeal shall be to the Chancery Court of the First Judicial District of Hinds County, Mississippi.
(6) The initial license term shall begin on the day the application is approved. The license shall expire on December 31 of the year in which the license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year.