Code of Colorado Regulations
700 - Department of Regulatory Agencies
703 - Division of Financial Services
3 CCR 703-4 - SMALL BUSINESS DEVELOPMENT CREDIT CORPORATION REGULATIONS
Section 3 CCR 703-4-II - Application for licensure or changes in operations
Current through Register Vol. 47, No. 17, September 10, 2024
When applying for licensure or for changes in any operations as required by 11-36-101, et seq, CRS, the following conditions shall apply.
A. All applications shall be on forms prescribed by and furnished by the executive director.
B. No application submitted to the executive director shall be deemed to have been received until it is complete, as determined by the executive director. When an application is deemed to be complete, the executive director will notify the applicant in writing. The executive director shall have the authority to request additional or supplemental information if and when he determines it is necessary.
C. When determining whether to grant an initial license, the executive director shall consider whether the applicant has met all applicable statutory requirements, whether the applicant's business plan makes reasonable assumptions, whether investors have been given complete disclosure about the applicant's plans and activities and any other information the executive director shall deem relevant.
D. Unless given specific authorization by the executive director, licensees shall not be capitalized with borrowed funds. Shareholders owning ten percent or more of any class of its stock shall not use borrowed funds in purchasing such stock without prior written approval of the executive director.
E. When determining whether to grant licensees' requests for control of a business firm under 11-36-106, CRS, the executive director shall consider how such acquisition will affect the licensee's ability to continue operating, how such acquisition will affect the licensee's ability to comply with applicable laws and regulations and any other information he deems to be relevant.
