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1998 SESSION

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HB 444 Money order sales and money transmission services; control.

Introduced by: Gladys B. Keating | all patrons    ...    notes | add to my profiles

SUMMARY:

Money order sales and money transmission services; acquisition of control. Requires the State Corporation Commission to receive and review an application and other necessary information from any person seeking to acquire directly or indirectly 25 percent or more of the voting shares or ownership of a business engaged in the sale of money orders or money transmission. The State Corporation Commission will permit the acquisition if, following investigation of the application and other information, it finds that the applicant and any directors, senior officers, and principals have the financial responsibility, character, reputation, experience, and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with the law. Persons acquiring an interest in such a business directly or indirectly by merger or consolidation (i) by or with a person already licensed, (ii) by or with a person affiliated through common ownership, or (iii) by bequest, descent, survivorship or operation of law do not have to file an application, but must send written notice to the State Corporation Commission of such acquisition.


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