(a) Certificate of general good. The Commissioner shall determine whether or not a certificate of general good shall be granted to organize a financial institution under this chapter and shall make the decision in accordance with the requirements of chapter 201, subchapter 7 of this chapter.

(b) Conditions. A grant of a certificate of general good may be made subject to such terms and conditions as the Commissioner determines necessary. The certificate of general good shall be submitted to the Secretary of State with the organizational documents that are required to be filed with the Secretary of State. The conditions may include, but are not limited to, conditions regarding the organizational form of the financial institution under this chapter.

(c) Effect of refusal to issue certificate of general good. If the Commissioner refuses to issue a certificate of general good, a new application may be filed by the applicant after one year from the date of the refusal. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)