§ 6.2-1507. (Effective October 1, 2010) Issuance of license.
A. The Commission shall issue and deliver to the applicant a license to makeloans in accordance with the provisions of this chapter at the location inthe Commonwealth specified in the application if it finds:
1. That the financial responsibility, experience, character and generalfitness of the applicant and its members, senior officers, directors, andprincipals are such as to command the confidence of the public and to warrantbelief that this business will be operated lawfully, honestly, fairly andefficiently within the purpose of this chapter;
2. That the applicant has available, for the operation of the business at thespecified location, liquid assets of at least $50,000 if the specifiedlocation is in a locality with a population of more than 20,000, or of atleast $25,000 if the location is not in a locality with a population of morethan 20,000; and
3. That the applicant has complied with all of the prerequisites to obtainingthe license prescribed by § 6.2-1505.
If the Commission fails to make the findings required by subdivisions 1, 2,and 3, it shall deny the application for a license.
B. Notwithstanding the provisions of subsection A, if the applicant has anexisting license at another location in the Commonwealth, the Commissionshall issue and deliver to the applicant a license to make loans inaccordance with the provisions of this chapter at the location specified inthe application if it finds:
1. That the general fitness of the licensee is such as to command theconfidence of the public and to warrant belief that this business will beoperated lawfully, honestly, fairly and efficiently within the purpose ofthis chapter; and
2. That the applicant has complied with all of the prerequisites to obtainingthe license prescribed by § 6.2-1505.
If the Commission fails to make the findings required by subdivisions 1 and2, it shall deny the application for a license.
C. If the Commission denies an application for a license, it shall notify theapplicant of the denial. The Commission shall retain the application fee.
(Code 1950, § 6-287; 1966, c. 584, § 6.1-257; 1982, c. 79, § 6.1-256.1; 1995,c. 2; 2005, c. 63; 2010, c. 794.)
§ 6.2-1507. (Effective October 1, 2010) Issuance of license.
A. The Commission shall issue and deliver to the applicant a license to makeloans in accordance with the provisions of this chapter at the location inthe Commonwealth specified in the application if it finds:
1. That the financial responsibility, experience, character and generalfitness of the applicant and its members, senior officers, directors, andprincipals are such as to command the confidence of the public and to warrantbelief that this business will be operated lawfully, honestly, fairly andefficiently within the purpose of this chapter;
2. That the applicant has available, for the operation of the business at thespecified location, liquid assets of at least $50,000 if the specifiedlocation is in a locality with a population of more than 20,000, or of atleast $25,000 if the location is not in a locality with a population of morethan 20,000; and
3. That the applicant has complied with all of the prerequisites to obtainingthe license prescribed by § 6.2-1505.
If the Commission fails to make the findings required by subdivisions 1, 2,and 3, it shall deny the application for a license.
B. Notwithstanding the provisions of subsection A, if the applicant has anexisting license at another location in the Commonwealth, the Commissionshall issue and deliver to the applicant a license to make loans inaccordance with the provisions of this chapter at the location specified inthe application if it finds:
1. That the general fitness of the licensee is such as to command theconfidence of the public and to warrant belief that this business will beoperated lawfully, honestly, fairly and efficiently within the purpose ofthis chapter; and
2. That the applicant has complied with all of the prerequisites to obtainingthe license prescribed by § 6.2-1505.
If the Commission fails to make the findings required by subdivisions 1 and2, it shall deny the application for a license.
C. If the Commission denies an application for a license, it shall notify theapplicant of the denial. The Commission shall retain the application fee.
(Code 1950, § 6-287; 1966, c. 584, § 6.1-257; 1982, c. 79, § 6.1-256.1; 1995,c. 2; 2005, c. 63; 2010, c. 794.)
§ 6.2-1507. (Effective October 1, 2010) Issuance of license.
A. The Commission shall issue and deliver to the applicant a license to makeloans in accordance with the provisions of this chapter at the location inthe Commonwealth specified in the application if it finds:
1. That the financial responsibility, experience, character and generalfitness of the applicant and its members, senior officers, directors, andprincipals are such as to command the confidence of the public and to warrantbelief that this business will be operated lawfully, honestly, fairly andefficiently within the purpose of this chapter;
2. That the applicant has available, for the operation of the business at thespecified location, liquid assets of at least $50,000 if the specifiedlocation is in a locality with a population of more than 20,000, or of atleast $25,000 if the location is not in a locality with a population of morethan 20,000; and
3. That the applicant has complied with all of the prerequisites to obtainingthe license prescribed by § 6.2-1505.
If the Commission fails to make the findings required by subdivisions 1, 2,and 3, it shall deny the application for a license.
B. Notwithstanding the provisions of subsection A, if the applicant has anexisting license at another location in the Commonwealth, the Commissionshall issue and deliver to the applicant a license to make loans inaccordance with the provisions of this chapter at the location specified inthe application if it finds:
1. That the general fitness of the licensee is such as to command theconfidence of the public and to warrant belief that this business will beoperated lawfully, honestly, fairly and efficiently within the purpose ofthis chapter; and
2. That the applicant has complied with all of the prerequisites to obtainingthe license prescribed by § 6.2-1505.
If the Commission fails to make the findings required by subdivisions 1 and2, it shall deny the application for a license.
C. If the Commission denies an application for a license, it shall notify theapplicant of the denial. The Commission shall retain the application fee.
(Code 1950, § 6-287; 1966, c. 584, § 6.1-257; 1982, c. 79, § 6.1-256.1; 1995,c. 2; 2005, c. 63; 2010, c. 794.)
