A. To qualify for a license issued pursuant to the Deferred Deposit Lending Act, an applicant shall have:
1. A minimum net worth, determined in accordance with generally accepted accounting principles, of at least Twenty-five Thousand Dollars ($25,000.00) available for operation of each licensed location, with a maximum aggregate net worth requirement of Two Hundred Fifty Thousand Dollars ($250,000.00) for an owner of multiple locations; and
2. The financial responsibility, experience and general fitness so as to command the confidence of the public and to warrant the belief that the business will be operated lawfully, honestly, fairly and efficiently.
B. An application for a license pursuant to the Deferred Deposit Lending Act must be in writing, under oath, and on a form prescribed by the Administrator of Consumer Credit. The application must set forth all of the following:
1. The legal name and residence and business addresses of the applicant and, if the applicant is a partnership, association or corporation, of every member, officer, managing employee and director of it;
2. The location of the registered office of the applicant;
3. The registered agent of the applicant if the applicant is required by other law to have a registered agent;
4. The addresses of the locations to be licensed; and
5. Other information concerning the financial responsibility, background, experience and activities, such as other partnerships, associations and corporations located at or adjacent to the licensed location of the applicant and its members, officers, managing employees and directors as the Administrator may require.
C. On receipt of an application in the form prescribed by the Administrator and accompanied by the required license fee, the Administrator shall investigate whether the qualifications for license are satisfied. If the Administrator finds that the qualifications are satisfied, the Administrator shall issue to the applicant a license to engage in the business of making deferred deposit loans. If the Administrator fails to issue a license, the Administrator shall notify the applicant of the denial and the reasons for the denial. The provisions of the Administrative Procedures Act shall apply to the appeal of the denial of a license.
D. Each application, regardless of the number of locations to be operated by a single licensee, must be accompanied by payment of an application fee as prescribed by rule of the Commission on Consumer Credit and an investigation fee as prescribed by rule of the Commission on Consumer Credit. These fees shall not be refundable or abatable. If the license is granted, however, payment of the application fee shall satisfy the fee requirement for the first license year or its remainder.
E. Each license shall remain in full force and effect until relinquished, suspended, revoked or expired. A license expires annually and may be renewed on payment of a license fee as prescribed by rule of the Commission on Consumer Credit. The annual license renewal fee for an application with more than one location shall be as prescribed by rule of the Commission on Consumer Credit for each location.
F. The Commission on Consumer Credit shall prescribe by rule a fee for each license change, duplicate license or returned check.
G. The Commission on Consumer Credit shall prescribe by rule a late fee if a license is not renewed on or before the expiration of the license.
Added by Laws 2003, c. 240, § 13, eff. Sept. 1, 2003. Amended by Laws 2010, c. 415, § 32, eff. July 1, 2010; Laws 2019, c. 363, § 72, eff. Nov. 1, 2019.