Indiana § 28-7-5-8 Issuance and duration of license; evidence of compliance; denial of
application; person not qualifying for license; replacement of manager

Indiana Statutes

§ 28-7-5-8 — Issuance and duration of license; evidence of compliance; denial of application; person not qualifying for license; replacement of manager

Indiana·Art. 7 SPECIALIZED FINANCIAL INSTITUTIONS·Ch. 5 Pawnbrokers

(a)Upon an applicant's filing of the application required by section 4 of this chapter and payment of the license fee, if the department finds the financial standing, competence, business experience, and character of:

(1)the applicant and any significant affiliate of the applicant;

(2)each director, executive officer, or manager of the applicant, or any other individual having a similar status or performing a similar function for the applicant; and

(3)if known, each person directly or indirectly owning of record or owning beneficially at least ten percent (10%) of the outstanding shares of any class of equity security of the applicant; are such that the business will be operated honestly, fairly, and efficiently and that the convenience and needs of the public exist for the operation o

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(a) Upon an applicant's filing of the application
required by section 4 of this chapter and payment of the license fee, if
the department finds the financial standing, competence, business
experience, and character of:
(1) the applicant and any significant affiliate of the applicant;
(2) each director, executive officer, or manager of the applicant,
or any other individual having a similar status or performing a
similar function for the applicant; and
(3) if known, each person directly or indirectly owning of record
or owning beneficially at least ten percent (10%) of the
outstanding shares of any class of equity security of the applicant;
are such that the business will be operated honestly, fairly, and
efficiently and that the convenience and needs of the public exist for
the operation of the business in the community wherein the applicant
proposes to operate, it shall issue and deliver a license to the applicant,
which license shall authorize the applicant to engage in the business of
pawnbroking.
(b) The director is entitled to request evidence of compliance with
the requirements of this section by the licensee, including any affiliate
or person described in subsection (a), at:
(1) the time of issuance of the license;
(2) the time of renewal of the license; or
(3) any other time considered necessary by the director.
A license shall remain in effect until it is surrendered, revoked, or
suspended. If the department denies the application, it shall notify the
applicant of the denial. The department may hold a public hearing if
the department considers the hearing necessary.
(c) The department may deny an application under this section if the
director determines that the application was submitted for the benefit
of, or on behalf of, a person who does not qualify for a license.
(d) If a licensee replaces a manager, the licensee shall give the
department written notice of the replacement not later than thirty (30)
days after engaging another person to serve as manager.
Formerly: Acts 1935, c.195, s.8. As amended by P.L.263-1985,
SEC.186; P.L.14-1992, SEC.136; P.L.45-1995, SEC.24; P.L.80-1998,
SEC.13; P.L.10-2006, SEC.41 and P.L.57-2006, SEC.41; P.L.90-2008,
SEC.50; P.L.35-2010, SEC.171; P.L.89-2011, SEC.50; P.L.176-2019,
SEC.60.

Indiana § 28-7-5-8 (Issuance and duration of license; evidence of compliance; denial of application; person not qualifying for license; replacement of manager) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.