13-11-26. Powers of the commissioner.
346 words·~2 min read·
/nd/title-13/chapter-13-11-debt-settlement-providers/13-11-26·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Insofar as consistent with other provisions of law, the commissioner may:
1. Determine the qualifications of all applicants based on financial responsibility, financial
condition, business experience, character, and general fitness which must reasonably
warrant the belief that the applicant's business will be conducted lawfully and fairly. In
determining whether this qualification is met, and for the purpose of investigating
compliance with this chapter, the commissioner may review and consider the relevant
business records and capital adequacy of the applicant and the competence,
experience, integrity, and financial ability of a person who is a member, partner,
director, officer, or twenty-five percent or more shareholder of the applicant.
2. Conduct investigations and make an examination of any person, whether licensed or
not, who is engaged in the debt-settlement services business, including all records of
such business, and to subpoena witnesses anytime the commissioner has reason to
believe such is necessary. The licensee shall pay an examination or visitation fee and
must be charged by the commissioner at an hourly rate to be set by the commissioner,
sufficient to cover all reasonable expenses of the department associated with the
examination or visitation provided for by this section. Fees must be deposited in the
financial institutions regulatory fund.
3. Issue and serve upon any person or licensed debt-settlement provider an order to
cease and desist to take corrective action when the commissioner has reason to
believe the person or agency is violating, has violated, or is about to violate the
provisions of this chapter. An interested party may appeal issuance of a cease and
desist order under chapter 28-32 by filing written notice of appeal within twenty days
after service of the order.
4. Deny, suspend, revoke, condition, or decline to renew a license for a violation of this
chapter, rules or regulations issued under this chapter, or an order or directive entered
under this chapter.
5. Deny, suspend, revoke, condition, or decline to renew a license if an applicant or
licensee withholds information or makes a material misstatement in an application for
a license or renewal of a license.