(a)    To qualify for a license, an applicant shall satisfy the Commissioner that the applicant:

(1)    Is of good moral character and has sufficient financial responsibility, business experience, and general fitness to:

(i)    Engage in the business of money transmission;

(ii)    Warrant the belief that the business of money transmission will be conducted lawfully, honestly, fairly, and efficiently; and

(iii)    Command the confidence of the public;

(2)    Will keep at all times the permissible investments required under § 12-418 of this subtitle;

(3)    Has a net worth computed according to generally accepted accounting principles of at least $150,000, plus an additional net worth of $10,000 for each additional location or authorized delegate, up to a maximum of $500,000 as provided in subsection (b) of this section; and

(4)    Has at least 3 years of experience in the business of money transmission or other related financial services business under the following conditions:

(i)    If the applicant is a sole proprietor, the applicant shall have the required experience;

(ii)    If the applicant is a joint venture or partnership, at least one of the coventurers or general partners shall have the required experience; and

(iii)    If the applicant is any other type of business, at least one of the principal officers or members shall have the required experience.

(b)    The Commissioner may require a net worth of up to $500,000, subject to consideration of the following:

(1)    The nature and volume of the business or proposed business of the applicant;

(2)    The amount, nature, quality, and liquidity of the assets of the applicant;

(3)    The amount and nature of the liabilities, including contingent liabilities, of the applicant;

(4)    The history of, and prospects for, the applicant to earn and retain income;

(5)    The quality of the operations of the applicant;

(6)    The quality of the management of the applicant;

(7)    The nature and quality of the person that has control of the applicant; and

(8)    Any other factor the Commissioner deems relevant.