State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-279

§53‑279.  Liquid assets required; other qualifications; denial of license;hearing.

(a)        Every licensee andapplicant shall have and maintain liquid assets of at least fifty thousanddollars ($50,000) per licensee.

(b)        Upon the filing andinvestigation of an application, and compliance by the applicant with G.S. 53‑278,and this section, the Commissioner shall issue and deliver to the applicant thelicense applied for to engage in business under this Article at the locationsspecified in the application, provided that the Commissioner finds that thefinancial responsibility, character, reputation, experience, and generalfitness of the applicant and its members, officers, directors, and principalsare such as to warrant belief that the business will be operated efficientlyand fairly, in the public interest, and in accordance with law. If theCommissioner fails to make such findings, no license shall be issued, and theCommissioner shall notify the applicant of the denial and the reasons therefor.The applicant shall be entitled to an informal hearing on the denial providedthe applicant requests the hearing in writing within 30 days after theCommissioner has mailed the notice required under this subsection to theapplicant. In the event of a hearing, which shall be held in the offices of theCommissioner of Banks in Raleigh, the Commissioner shall reconsider theapplication and, after hearing, issue a written order granting or denying theapplication. (1997‑391, s. 1.)