§ 493 — Action by superintendent on application

§ 493. Action by superintendent on application. 1. Upon the filing of\nan application for a sales finance company's license, and the payment of\nthe fees for license and investigation, the superintendent\n (a) May refuse to issue the license if he finds that the applicant, or\nany person who at the time of filing such application is an owner,\ndirector, officer, member, partner, employee, agent, or spouse of the\napplicant, has duly suffered a revocation of license under this article,\nor has been found guilty of a violation of any of the provisions of this\narticle, or of any other law regulating retail instalment sales\ncontracts, obligations or credit agreements, or has been responsible for\nany act or omission in consequence of which a license issued under this\narticle to any person was duly revoked. The superintendent may likewise\nrefuse to issue the license if he shall find that the experience,\ncharacter and general fitness of the applicant are not such as to\ncommand the confidence of the community and to warrant the belief that\nthe business will be conducted honestly and fairly within the purposes\nand intent of this article. For the purpose of this subdivision, the\napplicant shall be deemed to include all the members of the applicant if\nit is a partnership or unincorporated association, and all the\nstockholders, officers and directors of the applicant if it is a\ncorporation; or\n (b) Shall issue and deliver to the applicant a license to engage in\nbusiness as a sales finance company in accordance with the provisions of\nthis article at the location specified in said application.\n 2. The superintendent shall approve or deny every original application\nfor a license hereunder within ninety days from the filing thereof with\nthe said fees.\n 3. If the superintendent refuses to issue a license, he\n (a) Shall notify the applicant of the denial, return the sum paid by\nthe applicant as a license fee, but retain the investigation fee to\ncover the costs of investigating the applicant; and\n (b) Within twenty days thereafter shall file a written decision and\nfindings containing the reasons supporting the denial, and shall\nforthwith serve a copy thereof upon the applicant.\n 4. Each license issued hereunder shall remain in full force and effect\nuntil it is surrendered by the licensee or revoked or suspended as\nprovided in this article.\n 5. Only one place of business may be maintained under each license,\nbut more than one license may be issued to the same licensee pursuant to\nthis article.\n 6. No county, city, or other political subdivision of this state may\nrequire a licensee under this article to obtain a local license or pay a\nlocal fee for the privilege of engaging therein in the business of a\nsales finance company.\n 7. Any sales finance company in business on the date this act takes\neffect may continue in operation but must obtain a license within six\nmonths from said date in accordance with the provisions of this article.\n