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This entry was published on 2014-09-22
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SECTION 556
Action by superintendent on application
Banking (BNK) CHAPTER 2, ARTICLE 12-B
§ 556. Action by superintendent on application. 1. Within ninety days
after the filing of an application for a license accompanied by payment
of the fees for license and investigation, the superintendent shall
issue the license, or the superintendent may refuse to issue the license
if he shall find that the financial responsibility, experience,
character and general fitness of the applicant or any person associated
with the applicant are not such as to command the confidence of the
community and to warrant the belief that the business will be conducted
honestly, fairly and efficiently within the purposes and intent of this
article. For the purpose of this subdivision, the applicant shall be
deemed to include all the members of the applicant if it is a
partnership or unincorporated association, and all the stockholders,
officers and directors of the applicant if it is a corporation. Such
license to engage in business in accordance with the provisions of this
article at the location specified in the application shall be executed
in triplicate by the superintendent and he shall transmit one copy
thereof to the applicant, file a copy in the office of the department of
financial services, and file a copy in the office of the clerk of the
county in which is located the place designated in such license.

2. If the superintendent refuses to issue a license, he shall notify
the applicant of the denial, return to the applicant the sum paid as a
license fee, but retain the investigation fee to cover the costs of
investigating the applicant.

3. Each license issued hereunder shall remain in full force and effect
until it is surrendered by the licensee or revoked or suspended as
provided in this article.

4. Only one office may be maintained under each license, but more than
one license may be issued to the same licensee pursuant to this article.

5. Any person engaged in the business of a premium finance agency on
the date this act takes effect may continue in operation in accordance
with the provisions of this article but must obtain a license for each
office at which he engages in the business of a premium finance agency
by January first, nineteen hundred sixty-one.