§412:3-304  Grant of approval.  (a) 
An application for a license shall be approved only if the commissioner finds
that:



(1)  The proposed nondepository financial services
loan company and holding company, if any, will comply with the requirements of
this chapter; and



(2)  The qualifications, character, financial
responsibility, experience, and general fitness of the proposed directors and
executive officers of the nondepository financial services loan company are
such as will warrant public confidence and a belief that the business of the
nondepository financial services loan company will be honestly and efficiently
conducted.  For purposes of this section, the commissioner may presume that in
the absence of credible evidence to the contrary, a director, officer, or
controlling person is of good character and sound financial standing.  Such
presumption may be rebutted by evidence to the contrary, including without
limitation a finding that such director, officer, or controlling person has:



(A)  Been convicted of, or has pleaded nolo
contendere to, any crime involving an act of fraud or dishonesty;



(B)  Consented to or suffered a judgment in any
civil action based upon conduct involving an act of fraud or dishonesty;



(C)  Consented to or suffered the suspension or
revocation of any professional, occupational, or vocational license based upon
conduct involving an act of fraud or dishonesty;



(D)  Wilfully made or caused to be made in any
application or report filed with the commissioner, or in any proceeding before
the commissioner, any statement which was at the time and in the light of the
circumstances under which it was made false or misleading with respect to any
material fact, or has wilfully omitted to state in any application or report
any material fact which was required to be stated therein; or



(E)  Wilfully committed any violation of, or
has wilfully aided, abetted, counseled, commanded, induced, or procured the
violation by any other person of, any provision of this chapter or of any rule
or order issued under this chapter.



(b)  If the commissioner is satisfied that the
applicant has fulfilled all the requirements of law and is qualified to engage
in the business of a nondepository financial services loan company, the
commissioner shall issue a written decision and order approving the
application.  Upon the approval of the application, the payment of an initial
license fee established by rule pursuant to chapter 91, and, if applicable,
upon providing satisfactory evidence to the commissioner of compliance with the
requirements of chapter 414 relating to foreign corporations, the commissioner
shall issue to the applicant a license to engage in the business of a
nondepository financial services loan company under this chapter.



(c)  In granting approval, the commissioner may
impose any conditions and restrictions that are in the public interest,
including but not limited to requiring the applicant to fulfill representations
contained in its application and agreements made with the commissioner during the
application process. [L 1993, c 350, pt of §1; am L 2001, c 170, §5; am L 2002,
c 40, §16]