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(a) The Commissioner shall issue a license to engage in the check cashing business to any applicant upon determining whether such applicant has met all of the following conditions:\n(1) Have a net worth of not less than fifty thousand dollars ($50,000), calculated in accordance with generally accepted accounting principles;\n(2) have liquid assets worth of not less than twenty-five thousand dollars ($25,000);\n(3) file a license application and post the corresponding bond with OCFI, and\n(4) have a reputation, moral probity, financial responsibility, experience, character, and general fitness that warrant the belief and the probability that such applicant, as well as his/her partners, directors, and executive officers, shall operate its business honestly, efficiently, and in the public interest.\nHistory —Sept. 21, 2010, No. 136, § 4.2, eff. 60 days after Sept. 21, 2010.