                                 CODE OF VIRGINIA

INVESTIGATION OF APPLICANT; ISSUANCE OF LICENSE (§ 38.2-4702)

Upon the filing of an application and the payment of the application fee, the
Commission shall make an investigation of the applicant. The Commission shall
issue a license, expiring on June 30 immediately following the date of issuance,
if it finds that (i) the application is in proper form and the required fee has
been paid; (ii) the financial responsibility, experience, character, and general
fitness of the applicant indicate that the business will be operated lawfully,
honestly, fairly and efficiently within the purpose of this chapter, the same
criteria being applicable to members of the applicant if the applicant is a
partnership or association and to officers and directors of the applicant if the
applicant is a corporation; (iii) if the applicant is a corporation, it is a
corporation of this Commonwealth or a foreign corporation that has a certificate
of authority to transact business in this Commonwealth; and (iv) the applicant
has assets equal to or greater than its liabilities and has working capital
sufficient for the operation of its business.

HISTORY: 1964, c. 147, § 38.1-737; 1981, c. 107; 1986, c. 562.