Sec. 10.13.050. Criteria for directors, officers, and controlling persons.

187 words·~1 min read·/ak/title-10/chapter-13/10-13-050

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A license may only be issued if the department determines that each director, officer, and controlling person of the applicant is

(1)of good character and sound financial standing;

(2)competent to perform the director's or officer's functions for the applicant; and

(3)when considered collectively with the other directors, officers, and controlling persons, adequate to manage the business of the applicant as a BIDCO.

(b)The department may determine that a director, officer, or controlling person of an applicant is not of good character. Bases the department may use to make that determination include proof that the director, officer, or controlling person, or a director or officer of a controlling person has

(1)had an administrative sanction imposed under 31 U.S.C. 3801 — 3812 (Program Fraud Civil Remedies Act of 1986) for an offense under 15 U.S.C. 645; or

(2)been convicted of a crime involving fraud or dishonesty, including a conviction for an offense under 15 U.S.C. 645; in this paragraph, “conviction” includes a conviction based on a guilty plea or plea of nolo contendere.