Section 361.939

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

Effective - 28 Aug 2024   

  361.939.  Information requirement for certain individuals. — 1.  Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the director through NMLS the following:

  (1)  The individual's fingerprints for submission to the Federal Bureau of Investigation and the director for purposes of a national criminal history background check unless the person currently resides outside of the United States and has resided outside of the United States for the last ten years; and

  (2)  Personal history and experience in a form and in a medium prescribed by the director, to obtain the following:

  (a)  An independent credit report from a consumer reporting agency unless the individual does not have a Social Security number, in which case this requirement shall be waived;

  (b)  Whether they have been convicted of, or pled guilty or nolo contendere to, a felony involving an act of fraud, dishonesty, a breach of trust, or money laundering; and

  (c)  Information related to any regulatory or administrative action and any civil litigation involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract.

  2.  If the individual has resided outside of the United States at any time in the last ten years, the individual shall also provide an investigative background report prepared by an independent search firm that meets the following requirements:

  (1)  At a minimum, the search firm shall:

  (a)  Demonstrate that it has sufficient knowledge and resources and employs accepted and reasonable methodologies to conduct the research for the background report; and

  (b)  Not be affiliated with or have an interest with the individual it is researching; and

  (2)  At a minimum, the investigative background report shall be written in the English language and shall contain the following:

  (a)  If available in the individual's current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish such report, including a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;

  (b)  Criminal records information for the past ten years including, but not limited to, felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;

  (c)  Employment history;

  (d)  Media history, including an electronic search of national and local publications, wire services, and business applications; and

  (e)  Financial services-related regulatory history including but not limited to, money transmission, securities, banking, insurance, and mortgage-related industries.

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(L. 2024 S.B. 1359)