Section 110.15 Application for License; Controlling Person

Section 110

Section 110.15  Application

for License; Controlling Person

a)         An application for a license must be under oath and in the

form the Director prescribes.  The application shall contain the following:

1)         The legal name of the applicant, including any other names the

applicant does or intends to do business as, and the address of the proposed

place of business;

2)         The form of business organization of the applicant, including:

A)        a copy of its filed articles of incorporation;

B)        a copy of the filed articles of organization, if the applicant

is a limited liability company;

C)        a certified statement of the ownership of the partnership and

any subsequent changes to the ownership, if the applicant is a partnership.

3)         Information on Involved Individuals

A)        The name, business and home address, credit report (except for

a publicly traded company) and a chronological summary of the business

experience, material litigation history and felony convictions over the

preceding 10 years of:

i)          the proprietor, if the applicant is an individual;

ii)         every general partner, if the applicant is a partnership;

iii)        President, Secretary, Executive and Senior Vice Presidents,

Directors and individuals owning more than 25% of the corporate stock, if the

applicant is a corporation;

iv)        the manager, if the applicant is a limited liability company;

and

v)         any controlling person.

B)        A licensee shall not submit the information required in

subsections (a)(2) and (3) if the licensee has previously submitted the

information to the Division in a previous license application within the last 5

years and there have been no material changes unless the licensee is requested

by the Director to submit this information

ability company;

and

v)         any controlling person.

B)        A licensee shall not submit the information required in

subsections (a)(2) and (3) if the licensee has previously submitted the

information to the Division in a previous license application within the last 5

years and there have been no material changes unless the licensee is requested

by the Director to submit this information.

4)         The most current year end financial statements, prepared in

accordance with generally accepted accounting principles (as defined by the Financial

Standards Accounting Board (401 Merritt 7, PO Box 5116, Norwalk Ct 06856-5116

(203/847-0700))) and a balance sheet and statement of operations as of the most

recent quarterly report before the date of the application.

5)         A list of all states in which the applicant is licensed as a

lender or sales finance agency and whether the licenses of the applicant have

ever been withdrawn, refused, cancelled, or suspended in any other state, with

full details.

6)         Bond as required by the Act.

7)         Appointment of Attorney-in-Fact.

8)         Business Plan, which shall at minimum detail the nature,

amount, and term of loans to be made and types of security that will be taken.

9)         Photographs of both the inside and outside of the proposed site.

10)        Details of any other businesses that will be conducted within

the licensed premises.

11)        The applicable fees as required by the Act.

12)        Any additional information the Director considers necessary.

b)        A licensee that is a corporation must notify the Director

within 15 days after a person becomes a controlling person.  Upon notification,

the Director may require all information they consider necessary to determine

if a new application is required.  A licensee that is an entity other than a

corporation shall seek prior approval whenever a person proposes to become a

controlling person.  The request for approval shall be accompanied by an

amendment fee of $1000

ys after a person becomes a controlling person.  Upon notification,

the Director may require all information they consider necessary to determine

if a new application is required.  A licensee that is an entity other than a

corporation shall seek prior approval whenever a person proposes to become a

controlling person.  The request for approval shall be accompanied by an

amendment fee of $1000.

c)        Licensees shall file with the Department written reports as the

Department may from time to time consider necessary in the form requested by

the Department.