6-603. License; contents of application; fees; nontransferability

362 words·~2 min read·/az/title-6/6-603

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

A. Unless exempt under section 6-602, a person, whether located in this state or in another state, shall not engage in the business of a consumer lender without first being licensed as a consumer lender by the deputy director.

B. This chapter applies to any person who seeks to avoid its application by any device, subterfuge or pretense.

C. Each applicant for a license shall submit an application in writing, under oath and in the form prescribed by the deputy director. The deputy director may require as part of an application any other information that the deputy director deems necessary.

D. At the time of filing an application for a license, an applicant shall pay to the deputy director the fee prescribed in section 6-126.

E. Before June 30 of each year, each licensee may obtain a renewal of a license by filing an application in the form prescribed by the deputy director and paying the fee prescribed in section 6-126.

F. The deputy director may deny a license to a person if the deputy director finds that an applicant:

1. Is insolvent as defined in section 47-1201.

2. Has failed to demonstrate the financial responsibility and experience to command the confidence of the public and to warrant the belief that the business will be operated lawfully, honestly, fairly and efficiently within the purposes of this chapter.

3. Has failed to pay the license fee.

4. Has failed to have at least $25,000 in assets readily available for use in conducting the business of each licensed office and branch office.

G. A consumer lender license is not transferable or assignable, and a person may not acquire control of a licensee through stock purchase or other device without the prior written consent of the deputy director. The deputy director may refuse consent if the deputy director finds that any of the grounds for denial of renewal, revocation or suspension of a license prescribed in section 6-605 are applicable to the acquiring person. For purposes of this subsection, "control" means the power to vote more than twenty percent of the outstanding voting shares of a licensed corporation, limited liability company, partnership, association or trust.