6-1206

6-1206. Issuance of license; renewal

A. On the filing of a complete application, the superintendent shall investigate
the financial condition and responsibility, financial and business experience, character
and general fitness of the applicant. In his discretion, the superintendent may conduct
an on-site investigation of the applicant, the reasonable cost of which shall be borne by
the applicant. The superintendent shall issue a license to an applicant if the
superintendent finds that all of the following conditions are met:

1. The applicant has complied with sections 6-1204, 6-1205 and 6-1205.01.

2. The competence, experience and integrity of the officers, directors and
controlling persons and any proposed management personnel indicate that it would be in
the interest of the public to permit such person to participate in the affairs of a
licensee.

3. The applicant has paid the required license fee.

B. The superintendent shall approve or deny every application for an original
license within one hundred twenty days after the date an application is complete, which
period may be extended by the written consent of the applicant. The superintendent
shall notify the applicant of the date on which the application is determined to be
complete. In the absence of approval or denial of the application or consent to the
extension of the one hundred twenty day period, the application is deemed approved and
the superintendent shall issue the license effective as of the first business day after
that one hundred twenty day period or any extended period.

C. A licensee shall pay a renewal fee as prescribed in section 6-126 on or before
November 1 of each year. The renewal fee shall be accompanied by a renewal application
in the form prescribed by the superintendent. A license for which no renewal fee and
application have been received by November 1 shall be suspended. A licensee may renew a
suspended license no later than December 1 of the year of expiration by paying the
renewal fee plus one hundred dollars for each day the renewal fee and application were
not received by the superintendent. A license expires on December 1 of each year, unless
earlier renewed, surrendered or revoked. A license shall not be granted to the holder of
an expired license or to an incorporator, director or officer of the holder of an expired
license except on compliance with the requirements provided in this article for an
original license.