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



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



(1)  The proposed name of the nondepository financial
services loan company, the location of its principal office, and any lease
agreements for the principal office;



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



(3)  A business plan which shall contain the
following:



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



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



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



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



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



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



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



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



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



(8)  Information necessary to conduct a criminal
history record check in accordance with section 846-2.7 of each of the proposed
directors and executive officers of the nondepository financial services loan
company, accompanied by payment of the applicable fee for each record check to
be conducted; and



(9)  Any other information that the commissioner may
require.



(c)  The application shall be submitted on a
form prescribed by the commissioner.  The application shall be accompanied by
an application fee of $5,000, or such greater amount as the commissioner shall
establish by rule pursuant to chapter 91.  The application fee shall not be
refundable.



(d)  The identity of each applicant and
organizer, and any information which is not confidential shall be available to
the public.  The applicant may request in writing that information be kept
confidential.  The applicant shall designate and separate any matter which the
applicant claims is confidential and shall submit a separate statement
providing the reasons and authority for the request for confidential
treatment.  The failure by the applicant to request confidential treatment and
designate and separate the confidential matter shall preclude any objection or
claim for wrongful disclosure of the same.  Information determined by the commissioner
to be confidential, pursuant to an applicant's request or otherwise, shall not
be available to the public. [L 1993, c 350, pt of §1; am L 1996, c 63, §4; am L
2008, c 196, §4]



 



Cross References



 



  Modification of fees, see §92-28.