WVC 32 A- 2 - 13
§32A-2-13. Notification requirements.
(a) A licensee shall notify the commissioner of any change in
its principal place of business, or its headquarters office if
different from its principal place of business, within fifteen days
after the date of the change.
(b) A licensee shall notify the commissioner of any of the
following significant developments within fifteen days after
gaining actual notice of its occurrence:
(1) The filing of bankruptcy or for reorganization under the
(2) The institution of any enforcement action including, but
not limited to, a license revocation or suspension against the
licensee by any other state or federal regulator;
(3) A felony indictment related to money transmission,
currency exchange, fraud, failure to fulfill a fiduciary duty or
other activities of the type regulated under this article of the
licensee or its authorized delegates in this state, or of the
licensee's or authorized delegate's officers, directors or
(4) A felony conviction or plea related to the money
transmission, currency exchange, fraud, failure to fulfill a
fiduciary duty or other activities of the type regulated under this
article of the licensee or its authorized delegates in this state,
or of the licensee's or authorized delegate's officers, directors
or principals; and
(5) Any change in its business activities.
(c) A licensee shall notify the commissioner of any merger or
acquisition which may result in a change of control or a change in
principals of a licensee at least sixty days prior to the
announcement or publication of the proposal, or its occurrence,
whichever is earlier. Upon notice of these circumstances by a
corporate licensee, the commissioner may require all information
necessary to determine whether it results in a transfer or
assignment of the license and thus if a new application is required
in order for the company to continue doing business under this
article. A licensee that is an entity other than a corporation
shall in these circumstances submit a new application for licensure
at the time of notice.
(d) The commissioner may direct that the reports required by
this section and any other reports, data or information deemed
necessary by the commissioner be filed directly with the Division
of Financial Institutions on a date to be determined by the
commissioner or through the Nationwide Mortgage Licensing System
and Registry operated by the State Regulatory Registry, LLC.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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