§ 45-17-104 — Qualifications for license

(a) To qualify for a license, an applicant shall satisfy the following requirements: (1) The applicant shall have a minimum net worth determined in accordance with generally accepted accounting principles of at least twenty-five thousand dollars ($25,000) available for the operation of each location; and (2) The financial responsibility, financial condition, business experience, character, and general fitness of the applicant shall reasonably warrant the belief that the applicant's business will be conducted lawfully and fairly. In determining whether this qualification has been met, and for the purpose of investigating compliance with this chapter, the commissioner may review and approve: (A) The relevant business records and the capital adequacy of the applicant; (B) The competence, experience, integrity and financial ability of any person who is a director, officer, or ten percent (10%) or more shareholder of the applicant or owns or controls the applicant; and (C) Any record, on the part of the applicant, or any person referred to in subdivision (a)(2)(B), of any criminal activity, any fraud or other act of personal dishonesty, any act, omission or practice that constitutes a breach of a fiduciary duty or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business. (b) The requirements set forth in subdivisions (a)(1) and (2) are continuing in nature.

Legislative History

Acts 1997 , ch. 255, § 5; 1999, ch. 14, §1; 2012 , ch. 679, § 1.