Massachusetts § 6 - Licenses; multi-state licensing system

§ 6. Licenses; multi-state licensing system

[Text of section effective until January 1, 2026. Repealed by 2024, 312, Sec. 2. See 2024, 312, Sec. 5.]

Section 6. The application for a license shall be in writing and on a form prescribed by the commissioner which shall contain the name and complete address where the business of such applicant is located and, if the applicant is a partnership, association, corporation or other business organization, the names and addresses of each member, director and principal officer thereof. Further such application shall include a description of the activities of the applicant, in such detail and for such periods as the commissioner may require, and such further information as the commissioner may require. Each application for a license shall be accompanied by an investigation fee to be determined annually by the commissioner of administration under the provisions of section three B of chapter seven. Said commissioner may reject an application for a license or an application for a renewal of a license if he finds that the financial responsibility, character, reputation, integrity and general fitness of the applicant and the members thereof if such applicant is a partnership or association, and of the officers and directors if the applicant is a corporation are not such as to warrant belief that the business will be operated in accordance with law and in the public interest. Each license shall state the name and address of the licensee and the city or town of the place where such business is to be carried on. If a licensee intends to carry on a business at more than one location, such licensee shall procure a license for each location where such business shall be conducted. Any change of location of a place of business of a licensee shall require prior written approval of the commissioner. Such request for relocation shall be in writing setting forth the reason for such request and shall be accompanied by a relocation investigation fee to be determined annually by the commissioner of administration under the provisions of said section three B of said chapter seven.

The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and for the licensing and application, by electronic or other means, of entities engaged in the business of receiving deposits of money for the purposes of foreign transmission. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions of this section and section 3. The commissioner may require a background investigation of each applicant for a license to receive deposits of money for the purposes of foreign transmission by means of fingerprint and state and national criminal history record checks by the department of criminal justice information services pursuant to section 172 of chapter 6 and the Federal Bureau of Investigation. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require a background investigation for each member, director and principal officer of the applicant and any individual acting as a manager of an office location. The applicant shall pay directly to the multi-state licensing system any additional fees relating to participation in the multi-state licensing system.