Sec. 06.50.020. Qualifications for license.

384 words·~2 min read·/ak/title-6/chapter-50/06-50-020

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

(a)To qualify for a license, an applicant shall

(1)have cash assets of at least $25,000, as determined under generally accepted accounting principles, except that an applicant who wants to engage in the business of making advances at more than one location in the state shall have cash assets of at least $25,000 for each location;

(2)demonstrate the financial responsibility, financial condition, business experience, character, and general fitness that reasonably warrant the department's belief that the applicant's business will be conducted lawfully and fairly; when determining whether this qualification has been met, and for the purpose of investigating compliance with this chapter, the department may review

(A)the relevant business records of the applicant and the adequacy of the capital of the applicant;

(B)the competence, experience, integrity, and financial ability of the applicant, and, if the applicant is an entity, of any person who is a member, partner, director, senior officer, or owner of 10 percent or more of the equity of the applicant; and

(C)a record, on the part of the applicant or a person described in

(B)of this paragraph, of

(i)a conviction for criminal activity, fraud, or other act of personal dishonesty;

(ii)an act, an omission, or a practice that constitutes a breach of a fiduciary duty; or

(iii)a suspension, a revocation, a removal, or an administrative act by an agency or a department of the United States or a state limiting the applicant's or person's participation in the conduct of a business;

(3)if the person has a physical business location in the state, have a physical business location that is accessible by and convenient to the public;

(4)have a current business license issued under AS 43.70 ; and

(5)if applicable, have a certificate of incorporation under AS 10.06.218 , have a certificate of authority under AS 10.06.705 , have a copy of articles of organization that satisfies AS 10.50.090 , be registered under AS 10.50.605 , have a statement of foreign qualification filed under AS 32.06.922 , have a certificate of limited partnership filed under AS 32.11.060 , or be registered under AS 32.11.420 .

(b)The requirements in

(a)of this section are continuing in nature and may be reviewed periodically by the department.