§ 19-14.8-9 Certificate of registration– Issuance or denial. – (a) Except as otherwise provided in subsections (b) and (c), the director shallissue a certificate of registration as a provider to a person that complieswith § 19-14.8-5 and § 19-14.8-6.
(b) The director may deny registration if:
(1) The application contains information that is materiallyerroneous or incomplete;
(2) An officer, director, or owner of the applicant has beenconvicted of a crime, or suffered a civil judgment, involving dishonesty or theviolation of state or federal securities laws;
(3) The applicant or any of its officers, directors, orowners has defaulted in the payment of money collected for others; or
(4) The director finds that the financial responsibility,experience, character, or general fitness of the applicant or its owners,directors, employees, or agents does not warrant belief that the business willbe operated in compliance with this chapter.
(c) The director shall deny registration if:
(1) The application is not accompanied by the fee establishedby the director; or
(2) With respect to an applicant that is organized as anot-for-profit entity or has obtained tax-exempt status under the InternalRevenue Code, 26 U.S.C. § 501, the applicant's board of directors is notindependent of the applicant's employees and agents.
(d) Subject to adjustment of the dollar amount pursuant tosubsection 19-14.8-32(f), a board of directors is not independent for purposesof subsection (c) of this section if more than one-fourth (1/4) of its members:
(1) Are affiliates of the applicant, as defined in§§ 19-14.8-2(2)(a) or 19-14.8-2(2)(b)(i), (ii), (iv), (v), (vi), or(vii); or
(2) After the date ten (10) years before first becoming adirector of the applicant, were employed by or directors of a person thatreceived from the applicant more than twenty-five thousand dollars ($25,000) ineither the current year or the preceding year.
§ 19-14.8-9 Certificate of registration– Issuance or denial. – (a) Except as otherwise provided in subsections (b) and (c), the director shallissue a certificate of registration as a provider to a person that complieswith § 19-14.8-5 and § 19-14.8-6.
(b) The director may deny registration if:
(1) The application contains information that is materiallyerroneous or incomplete;
(2) An officer, director, or owner of the applicant has beenconvicted of a crime, or suffered a civil judgment, involving dishonesty or theviolation of state or federal securities laws;
(3) The applicant or any of its officers, directors, orowners has defaulted in the payment of money collected for others; or
(4) The director finds that the financial responsibility,experience, character, or general fitness of the applicant or its owners,directors, employees, or agents does not warrant belief that the business willbe operated in compliance with this chapter.
(c) The director shall deny registration if:
(1) The application is not accompanied by the fee establishedby the director; or
(2) With respect to an applicant that is organized as anot-for-profit entity or has obtained tax-exempt status under the InternalRevenue Code, 26 U.S.C. § 501, the applicant's board of directors is notindependent of the applicant's employees and agents.
(d) Subject to adjustment of the dollar amount pursuant tosubsection 19-14.8-32(f), a board of directors is not independent for purposesof subsection (c) of this section if more than one-fourth (1/4) of its members:
(1) Are affiliates of the applicant, as defined in§§ 19-14.8-2(2)(a) or 19-14.8-2(2)(b)(i), (ii), (iv), (v), (vi), or(vii); or
(2) After the date ten (10) years before first becoming adirector of the applicant, were employed by or directors of a person thatreceived from the applicant more than twenty-five thousand dollars ($25,000) ineither the current year or the preceding year.
§ 19-14.8-9 Certificate of registration– Issuance or denial. – (a) Except as otherwise provided in subsections (b) and (c), the director shallissue a certificate of registration as a provider to a person that complieswith § 19-14.8-5 and § 19-14.8-6.
(b) The director may deny registration if:
(1) The application contains information that is materiallyerroneous or incomplete;
(2) An officer, director, or owner of the applicant has beenconvicted of a crime, or suffered a civil judgment, involving dishonesty or theviolation of state or federal securities laws;
(3) The applicant or any of its officers, directors, orowners has defaulted in the payment of money collected for others; or
(4) The director finds that the financial responsibility,experience, character, or general fitness of the applicant or its owners,directors, employees, or agents does not warrant belief that the business willbe operated in compliance with this chapter.
(c) The director shall deny registration if:
(1) The application is not accompanied by the fee establishedby the director; or
(2) With respect to an applicant that is organized as anot-for-profit entity or has obtained tax-exempt status under the InternalRevenue Code, 26 U.S.C. § 501, the applicant's board of directors is notindependent of the applicant's employees and agents.
(d) Subject to adjustment of the dollar amount pursuant tosubsection 19-14.8-32(f), a board of directors is not independent for purposesof subsection (c) of this section if more than one-fourth (1/4) of its members:
(1) Are affiliates of the applicant, as defined in§§ 19-14.8-2(2)(a) or 19-14.8-2(2)(b)(i), (ii), (iv), (v), (vi), or(vii); or
(2) After the date ten (10) years before first becoming adirector of the applicant, were employed by or directors of a person thatreceived from the applicant more than twenty-five thousand dollars ($25,000) ineither the current year or the preceding year.
