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Upon the filing of the application, approval of the bond and payment of the specified fees,
the commissioner shall conduct an investigation. The commissioner shall thereafter issue a
license to the applicant on finding:
(a) that the financial responsibility, experience, character and general fitness of the applicant,
and of the members thereof, if the applicant be a partnership or association, and of the officers,
directors and each of the stockholders who own more than five percent of outstanding stock
thereof, if the applicant be a corporation, are such as to indicate that the business will be operated
fairly and honestly within the purposes of sections 332.12 to 332.29, and that any other business
or profession engaged in by the applicant or such persons does not create a conflict of interest
with respect to the ability to represent an individual fairly;
(b) that neither the applicant, nor any of such persons has been convicted of any crime or
ordinance involving moral turpitude within the past ten years;
(c) that neither the applicant nor any of such persons has had a record of having defaulted in
the payment of money collected for others, including the discharge of debts through bankruptcy
(d) that neither the applicant nor any of such persons has had a license to engage in debt
prorating revoked or removed in this or any other state;
(e) that neither the applicant nor any of such persons operates or is an employee or owner of
a collection agency or process serving business; and
(f) that such person or the applicant and all of such persons have fully complied with the
requirements of sections 332.12 to 332.29 and all valid rules and orders of the commissioner. Said
license shall permit the applicant to engage in the debt prorating service business in accordance
with the provisions of sections 332.12 to 332.29 at the location specified in the application. The
license shall remain in full force and effect for one calendar year or until it is surrendered by the
licensee or revoked or suspended by the commissioner pursuant hereto.
History: 1969 c 1120 s 5; 1971 c 441 s 2; 1985 c 248 s 70; 1986 c 444

Official Publication of the State of Minnesota
Revisor of Statutes