§ 6.2-1507 Issuance of license
A. The Commission shall issue to the applicant a license to make loans in accordance with the provisions of this chapter if it finds:
1. That the financial responsibility, experience, character and general fitness of the applicant and its members, senior officers, directors, and principals are such as to command the confidence of the public and to warrant belief that this business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter;
2. That the applicant has available, for the operation of the business, unencumbered liquid assets of at least $25,000 per location;
3. That the applicant has complied with all of the prerequisites to obtaining the license prescribed by § 6.2-1505; and
4. That the applicant will not make loans in accordance with the provisions of this chapter at the same location at which the applicant, its affiliate, or its subsidiary conducts business under either Chapter 18 (§ 6.2-1800 et seq.) or Chapter 22 (§ 6.2-2200 et seq.). If the Commission fails to make the findings required by subdivisions 1, 2, 3, and 4, it shall deny the application for a license.
B. If the Commission denies an application for a license, it shall notify the applicant of the denial. The Commission shall retain the application fee.
History
The record of this law’s original creation isn’t available online. It has been modified 6 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1966, chapter 584; in 1982, chapter 79; in 1995, chapter 2; in 2005, chapter 63; in 2010, chapter 794; in 2020, chapters 1215 and 1258.
Code 1950, § 6-287; 1966, c. 584, § 6.1-257; 1982, c. 79, § 6.1-256.1; 1995, c. 2; 2005, c. 63; 2010, c. 794; 2020, cc. 1215, 1258.