§ 6-857 — Issuance of certificate; hearing

A. On the filing of an application for a certificate, the deputy director shall make or cause to be made an investigation and examination of the facts concerning the truth of the statements and the background of the management, controlling shareholder or shareholders, directors and executive officers and shall issue a certificate if the deputy director finds:

1. The applicant is a corporation having powers and purposes to engage in the trust business organized under the laws of this state or authorized to do business in this state as a foreign corporation.

2. The applicant has complied with all of the applicable provisions of this article.

3. The general financial standing, business qualifications and ability of the persons involved in the management of the applicant's business are such as to demonstrate that the trust company will be operated in a safe, sound and lawful manner.

4. The proposed capital meets the requirements of section 6-856.

5. The applicant has submitted a business plan demonstrating a knowledge of potential markets and the ability to generate business.

6. The applicant has procured a fidelity bond as prescribed in section 6-868.

7. The applicant has procured insurance as prescribed in section 6-859, subsections E and F.

B. The deputy director may conditionally accept the application on specific requirements being met, but a certificate shall not be issued until such conditions have been met.

C. The certificate may be granted or denied without a hearing, but the deputy director may, and shall at the request of the applicant, fix a date for a hearing on the application. At the hearing any person may be heard with reference to the facts to be investigated.