6-603

6-603. License; contents of application; fees;
nontransferable

A. Unless exempt under section 6-602, a person, whether located in this state or in
another state, shall not engage in the business of a consumer lender without first being
licensed as a consumer lender by the superintendent.

B. This chapter applies to any person who seeks to avoid its application by any
device, subterfuge or pretense.

C. Each applicant for a license shall submit an application in writing, under oath
and in the form prescribed by the superintendent. The superintendent may require as part
of an application any other information that the superintendent deems necessary.

D. At the time of filing an application for a license, an applicant shall pay to
the superintendent the fee prescribed in section 6-126.

E. Before June 30 of each year, each licensee may obtain a renewal of a license by
filing an application in the form prescribed by the superintendent and paying the fee
prescribed in section 6-126.

F. The superintendent may deny a license to a person if the superintendent finds
that an applicant:

1. Is insolvent as defined in section 47-1201.

2. Has failed to demonstrate the financial responsibility, experience, character
and general fitness to command the confidence of the public and to warrant the belief
that the business will be operated lawfully, honestly, fairly and efficiently within the
purposes of this chapter.

3. Has failed to pay the license fee.

4. Has failed to have at least twenty-five thousand dollars in assets readily
available for use in the conduct of the business of each licensed office and branch
office.

G. A consumer lender license is not transferable or assignable, and no person may
acquire control of a licensee through stock purchase or other device without the prior
written consent of the superintendent. The superintendent may refuse consent if the
superintendent finds that any of the grounds for denial of renewal, revocation or
suspension of a license prescribed in section 6-605 are applicable to the acquiring
person. For purposes of this subsection, "control" means the power to vote more than
twenty per cent of the outstanding voting shares of a licensed corporation, limited
liability company, partnership, association or trust.