28-46-302 LICENSE TO MAKE REGULATED CONSUMER LOANS.
COMMERCIAL TRANSACTIONS
CHAPTER 46
ADMINISTRATION
PART 3.
REGULATED LENDERS -- LICENSING AND RELATED PROVISIONS
28-46-302. License to make regulated consumer loans. (1) The administrator shall receive and act on all applications for a license to do business as a regulated lender. Applications shall be filed in the manner prescribed by the administrator, shall contain such information as the administrator may reasonably require, shall be updated as necessary to keep the information current, and shall be accompanied by an application fee of three hundred fifty dollars ($350). When an application for licensure is denied or withdrawn, the administrator shall retain all fees paid by the applicant. The administrator may deny an application for a license if the administrator finds that:
(a) The financial responsibility, character, and fitness of the applicant, and of the officers and directors thereof (if the applicant is a corporation) are not such as to warrant belief that the business will be operated honestly and fairly within the purposes of this act;
(b) The applicant does not maintain at least thirty thousand dollars ($30,000) in liquid assets, as determined in accordance with generally accepted accounting principles, available for the purpose of making loans under this chapter;
(c) The applicant has had a license, substantially equivalent to a license under this chapter and issued by any state, denied, revoked or suspended under the law of such state;
(d) The applicant has filed an application for a license which is false or misleading with respect to any material fact;
(e) The application does not contain all of the information required by the administrator; or
(f) The application is not accompanied by an application fee of three hundred fifty dollars ($350).
(2) A licensee under this chapter shall meet the requirements of subsection (1) of this section at all times while licensed pursuant to this chapter. The administrator is empowered to conduct investigations as he may deem necessary, to enable him to determine the existence of the requirements set out in subsection (1) of this section.
(3) Upon written request, the applicant is entitled to a hearing on the question of his qualifications for a license if:
(a) The administrator has notified the applicant in writing that his application has been denied, or objections filed; or
(b) The administrator has not issued a license within sixty (60) days after the application for the license was filed.
If a hearing is held, the applicant and those filing objections shall reimburse, pro rata, the administrator for his reasonable and necessary expenses incurred as a result of the hearing. A request for a hearing may not be made more than fifteen (15) days after the administrator has mailed a writing to the applicant notifying him that the application has been denied and stating in substance the administrator’s finding supporting denial of the application or that objections have been filed and the substance thereof.
(4) The administrator may issue additional licenses to the same licensee upon application by the licensee, in the manner prescribed by the administrator, and payment of the required application fee. A separate license shall be required for each place of business. Each license shall remain in full force and effect unless the licensee does not satisfy the renewal requirements of subsection (7) of this section, or the license is relinquished, suspended or revoked.
(5) No licensee shall change the location of any place of business, or consolidate, or close any locations, without giving the administrator at least fifteen (15) days’ prior written notice.
(6) A licensee shall not engage in the business of making regulated consumer loans at any place of business for which he does not hold a license nor shall he engage in business under any other name than that in the license.
(7) On or before May 31 of each year, every licensee under this chapter shall pay a nonrefundable annual license renewal fee of one hundred fifty dollars ($150) per licensed location, and shall file with the administrator a renewal form containing such information as the administrator may require.