§ 23-52-108 - Form of application for permit. - Arkansas Statutes

23-52-108. Form of application for permit.

(a) Each application for a check-cashing permit shall be in writing in a form prescribed by the State Board of Collection Agencies and shall include at least the following:

(1) The legal name, residence, business address, and telephone number of the applicant;

(2) If the applicant is a partnership, association, limited liability company, or corporation, the name and address of every member, officer, and director; and

(3) Such other data and information as the board may require with respect to the applicant and its directors, officers, partners or members.

(b) For each location at which the applicant wants to engage in the check-cashing business, each application for a permit shall be accompanied by both of the following:

(1) An initial permit fee of five hundred dollars ($500) which shall not be subject to refund; and

(2) A financial statement showing that the applicant has at least twenty thousand dollars ($20,000) in liquid or other cash assets available for the operation of the check-cashing business prepared in accordance with standard accounting practices and procedures.