Current through Register Vol. 24-18, September 15, 2024
(1) Persons
providing small loan agent services must license with the department. To
license you must provide the following information:
(a) The legal name, residence, and business
address if an individual or sole proprietorship, and in addition, if a
partnership, corporation, limited liability company, limited liability
partnership, trust, company, or association, the name and address of every
member, partner, officer, controlling person, and board director.
(b) The trade or business name under which
you will do business. Please note, your request may be denied if the proposed
trade or business name is similar to a currently existing licensee name,
including trade names.
(c) The
street and mailing address of each location where you will engage in
business.
(d) The location at which
your records will be kept.
(e)
Whether the applicant or other person subject to the act is, or has been,
subject to a cease and desist order or an injunction issued pursuant to the act
or rules or any state or federal law applicable to the business
activity.
(f) Whether the applicant
or other person subject to the act has been charged or found through an
administrative, civil, or criminal proceeding to have violated the provisions
of the act or rules, or any state or federal law applicable to the business
activity.
(g) Whether the applicant
or other person subject to the act has been convicted of, or pled guilty or
nolo contendere, in a domestic, foreign, or military court to:
(i) A gross misdemeanor involving dishonesty
or financial misconduct within the prior seven years;
(ii) A felony within the prior seven years;
or
(iii) A felony that involved an
act of fraud, dishonesty, breach of trust, or money laundering at any time
preceding the date of application.
(h) Any other pertinent information the
director may require.
(2)
You must also provide to the department a declaration that the company will not
sell consumers' nonpublic personal information to unlicensed entities making
loans or to unlicensed small loan agents.
(3) The small loan agent license expires
December 31st of each year. You must pay the renewal fee prescribed by the
director to renew the license.
(4)
If any information about the company changes from that provided to the
department at the time of licensure, you must notify the director in writing of
the change within a reasonable amount of time from the change.
