§6135. Registration standards
1. Investigation. Upon the filing of an application for registration, the administrator shall investigate the applicant with respect to:
A. The business records and the capital adequacy of the person seeking the registration; [PL 1997, c. 155, Pt. A, §2 (NEW).]
B. The competence, experience, integrity and financial ability of any individual who:
(1) Is a director, officer or supervisory employee of the business; or
(2) Owns or controls the business; and [PL 1997, c. 155, Pt. A, §2 (NEW).]
C. The record of the applicant or of any person referenced in paragraph B with respect to:
(1) Any criminal activity;
(2) Any fraud or other act of personal dishonesty;
(3) Any act, omission or practice that constitutes a breach of a fiduciary duty; or
(4) Any suspension or removal, by any agency or department of the United States or any state, from participation in the conduct of any federally or state-licensed or regulated business. [PL 1997, c. 155, Pt. A, §2 (NEW).]
[PL 1997, c. 155, Pt. A, §2 (NEW).]
2. Grounds for denial. If the investigation under subsection 1 results in findings that the applicant is not properly qualified to conduct business under this subchapter, those findings are grounds for denial of the application.
[PL 1997, c. 155, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 1997, c. 155, §A2 (NEW).