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

(1)  The proposed nondepository financial servicesloan company and holding company, if any, will comply with the requirements ofthis chapter; and

(2)  The qualifications, character, financialresponsibility, experience, and general fitness of the proposed directors andexecutive officers of the nondepository financial services loan company aresuch as will warrant public confidence and a belief that the business of thenondepository financial services loan company will be honestly and efficientlyconducted.  For purposes of this section, the commissioner may presume that inthe absence of credible evidence to the contrary, a director, officer, orcontrolling person is of good character and sound financial standing.  Suchpresumption may be rebutted by evidence to the contrary, including withoutlimitation a finding that such director, officer, or controlling person has:

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

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

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

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

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

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

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