Additional license application requirements; office duties; application forms.

(1) ADDITIONAL LICENSE APPLICATION REQUIREMENTS.—In addition to the license requirements under part I of this chapter, an applicant seeking a license under this part must also submit to the office an application on a form prescribed by rule of the commission. Such application must include all of the following:

(a) Evidence of the ability of the applicant, based on financial condition and resources, to meet the requirements in s. 560.504.

(b) A statement as to whether an individual who has been convicted of a felony offense involving insider trading, embezzlement, cybercrime, money laundering, financing terrorism, or financial fraud is serving as an officer or director of the applicant.

(c) An explanation of the competence, experience, and integrity of the officers, directors, and principal shareholders of the applicant, its subsidiaries, and parent company which includes, but is not limited to:

1. The record of the officers, directors, and principal shareholders of compliance with laws and regulations.

2. The ability of the officers, directors, and principal shareholders to fulfill any commitments to, and any conditions imposed by, the office in connection with the application at issue and any prior applications.

(d) A statement as to whether the redemption policy of the applicant meets the standards under s. 560.504.

(e) Any other factors necessary to ensure the safety and soundness of the qualified payment stablecoin issuer.

(2) OFFICE DUTIES.—The office must comply with the following requirements:

(a) Upon receipt of a substantially complete application, evaluate and make a determination on each application based on the criteria established in this section.

(b) Not later than 120 days after receiving a substantially complete application, render a decision on the application.

1. An application is considered substantially complete if the application contains sufficient information for the office to render a decision on whether the applicant satisfies the requirements provided in paragraph (1)(a).

2. Not later than 30 days after receiving an application under this section, the office must notify the applicant as to whether the office considers the application to be substantially complete and, if the application is not substantially complete, the additional information the applicant must provide in order for the application to be considered substantially complete.

3. An application considered substantially complete under this paragraph remains substantially complete unless there is a material change in circumstances that requires the office to treat the application as a new application.

4. If the office fails to render a decision on a complete application within the time specified in this paragraph, the application shall be deemed approved.

(c) Deny a substantially complete application received pursuant to this section only if the office determines that the activities of the applicant would be unsafe or unsound based on the factors described in paragraph (1)(a).

1. The issuance of a payment stablecoin on an open, public, or decentralized network is not a valid ground for denial of an application for approval as a qualified payment stablecoin issuer.

2. If the office denies a complete application submitted pursuant to this section, not later than 30 days after the date of such denial, the office must provide the applicant with written notice explaining the denial with specificity, including all findings made by the regulator with respect to all identified material shortcomings in the application, along with actionable recommendations on how the applicant could address the identified material shortcomings.

3. The denial of an application under this section does not prohibit the applicant from filing a subsequent application.

4. A denial entitles the applicant to an opportunity to be heard pursuant to chapter 120.

(d) Pay fingerprint retention fees that are charged for the retention of any fingerprints that are required for each control person of the applicant to obtain a license as a qualified payment stablecoin issuer in accordance with this chapter.

(3) APPLICATION FORMS.—The information required in the application form prescribed by rule of the commission under subsection (1) may be incorporated in other licensing application forms required under this chapter, as appropriate, to allow a person to apply for two licenses in one application form in order to streamline the application process.