Current through Register Vol. 54, No. 12, March 23, 2024
(a) The
Department may refuse to register or renew the registration of an applicant.
Notifications of refusal by the Department to register or renew the
registration of an applicant shall include the reason for the refusal. In
determining whether to refuse to register or renew the registration of an
applicant, the Department will weigh all relevant factors including the
following:
(1) Whether the applicant has
properly and fully completed the registration application or the registration
renewal application.
(2) Whether
the applicant has supplied false information or made a material misstatement to
the Department.
(3) Whether the
applicant or any principal or employe of the applicant has violated the
act.
(4) Whether the applicant or
any principal or employe of the applicant is subject to an administrative order
issued by an agency of the Commonwealth, another state or the United States,
which supervises or regulates any financial industry, including the lender,
broker of loans, securities, annuities, insurance and tax industries.
(5) Whether the applicant, any principal of
the applicant or any organization with which the applicant or any principal of
the applicant was associated as an officer, director or principal, has applied
to any state or to the Federal government for a license or authority to broker
loans or to lend money and had the application for a license rejected, and the
reasons for the rejection.
(6)
Whether the applicant, any principal of the applicant or any organization with
which the applicant or any principal of the applicant was associated as an
officer, director or principal, which was licensed or authorized by any state
or the Federal government to broker loans or to lend money, had the license
suspended, canceled or revoked.
(7)
Whether the applicant or any principal or employe of the applicant has ever
pleaded guilty, pleaded nolo contendere or has ever been found guilty by a
judge or jury for violation of any state or Federal law involving financial
crimes, including those involving lending, brokering of loans, securities,
annuities, insurance and tax matters.
(8) Whether the applicant or any principal or
employe of the applicant is subject to a civil or criminal proceeding by any
state or Federal agency involving any financial matter, including lending,
brokering loans, securities, insurance and tax matters.
(b) The applicant for an initial or renewal
registration whose application is disapproved by the Department may appeal the
disapproval through the administrative hearing process contained under 1 Pa.
Code Part II (relating to General Rules of Administrative Practice and
Procedure).
This section cited in 10 Pa. Code §
42.3 (relating to registration
required); 10 Pa. Code §
42.4 (relating to annual renewal
required); and 10 Pa. Code §
42.6 (relating to information to
the Department).
