§412:3-301  Application for license. (a)  Any corporation or any person intending to form a corporationincorporated in this State may file an application with the commissioner for alicense to engage in the business of a nondepository financial services loancompany.

(b)  The application shall contain thefollowing information, unless waived by the commissioner:

(1)  The proposed name of the nondepository financialservices loan company, the location of its principal office, and any leaseagreements for the principal office;

(2)  Any intended or existing affiliates,subsidiaries, and holding company of the proposed nondepository financialservices loan company and the extent and nature of the holding company'scontrol over the operations of the proposed nondepository financial servicesloan company;

(3)  A business plan which shall contain thefollowing:

(A)  A written description of the company'sproposed financial products;

(B)  A written statement which explains how thescope of the proposed business complies with article 9 and why any existinglines of business do not conflict with article 9;

(C)  A written description of the company'sproposed plan of marketing its products, whether through affiliates,subsidiaries, service corporations, or holding company;

(D)  Financial projections regarding thenondepository financial services loan company's profitability; and

(E)  Any and all contractual arrangements whichare intended to be executed between the nondepository financial services loancompany and its holding company, affiliates, and subsidiaries;

(4)  Financial statements, employment history,education, management experience, and other biographical information for theproposed executive officers and directors of the nondepository financial servicesloan company and its holding company, if any;

(5)  Proposed policies regarding loans, investments,operations, accounting, recordkeeping, and compliance with applicable federaland state consumer laws;

(6)  The name and address of each proposed subscriberof capital stock in the nondepository financial services loan company or themajority shareholders in any holding company;

(7)  A copy of the nondepository financial servicesloan company's articles of incorporation and bylaws;

(8)  Information necessary to conduct a criminalhistory record check in accordance with section 846-2.7 of each of the proposeddirectors and executive officers of the nondepository financial services loancompany, accompanied by payment of the applicable fee for each record check tobe conducted; and

(9)  Any other information that the commissioner mayrequire.

(c)  The application shall be submitted on aform prescribed by the commissioner.  The application shall be accompanied byan application fee of $5,000, or such greater amount as the commissioner shallestablish by rule pursuant to chapter 91.  The application fee shall not berefundable.

(d)  The identity of each applicant andorganizer, and any information which is not confidential shall be available tothe public.  The applicant may request in writing that information be keptconfidential.  The applicant shall designate and separate any matter which theapplicant claims is confidential and shall submit a separate statementproviding the reasons and authority for the request for confidentialtreatment.  The failure by the applicant to request confidential treatment anddesignate and separate the confidential matter shall preclude any objection orclaim for wrongful disclosure of the same.  Information determined by the commissionerto be confidential, pursuant to an applicant's request or otherwise, shall notbe available to the public. [L 1993, c 350, pt of §1; am L 1996, c 63, §4; am L2008, c 196, §4]

 

Cross References

 

  Modification of fees, see §92-28.