Current through Register Vol. 48, No. 12, March 22, 2024
a) An application for a license must be under
oath and in the form the Director prescribes. The application shall contain the
following:
1) The legal name of the
applicant, including any other names the applicant does or intends to do
business as, and the address of the proposed place of business;
2) The form of business organization of the
applicant, including:
A) a copy of its filed
articles of incorporation;
B) a
copy of the filed articles of organization, if the applicant is a limited
liability company;
C) a certified
statement of the ownership of the partnership and any subsequent changes to the
ownership, if the applicant is a partnership.
3) Information on Involved Individuals
A) The name, business and home address,
credit report (except for a publicly traded company) and a chronological
summary of the business experience, material litigation history and felony
convictions over the preceding 10 years of:
i) the proprietor, if the applicant is an
individual;
ii) every general
partner, if the applicant is a partnership;
iii) President, Secretary, Executive and
Senior Vice Presidents, Directors and individuals owning more than 25% of the
corporate stock, if the applicant is a corporation;
iv) the manager, if the applicant is a
limited liability company; and
v)
any controlling person.
B) A licensee shall not submit the
information required in subsections (a)(2) and (3) if the licensee has
previously submitted the information to the Division in a previous license
application within the last 5 years and there have been no material changes
unless the licensee is requested by the Director to submit this
information.
4) The most
current year end financial statements, prepared in accordance with generally
accepted accounting principles (as defined by the Financial Standards
Accounting Board (401 Merritt 7, PO Box 5116, Norwalk Ct 06856-5116
(203/847-0700))) and a balance sheet and statement of operations as of the most
recent quarterly report before the date of the application.
5) A list of all states in which the
applicant is licensed as a lender or sales finance agency and whether the
licenses of the applicant have ever been withdrawn, refused, cancelled, or
suspended in any other state, with full details.
6) Bond as required by the Act.
7) Appointment of Attorney-in-Fact.
8) Business Plan, which shall at minimum
detail the nature, amount, and term of loans to be made and types of security
that will be taken.
9) Photographs
of both the inside and outside of the proposed site.
10) Details of any other businesses that will
be conducted within the licensed premises.
11) The applicable fees as required by the
Act.
12) Any additional information
the Director considers necessary.
b) A licensee that is a corporation must
notify the Director within 15 days after a person becomes a controlling person.
Upon notification, the Director may require all information they consider
necessary to determine if a new application is required. A licensee that is an
entity other than a corporation shall seek prior approval whenever a person
proposes to become a controlling person. The request for approval shall be
accompanied by an amendment fee of $1000.
c) Licensees shall file with the Department
written reports as the Department may from time to time consider necessary in
the form requested by the Department.