2006 Minnesota Statutes

56.04 INVESTIGATION; ISSUANCE OF LICENSE; DENIAL; REFUNDS.
Upon the filing of the application and payment of these fees, the commissioner shall
investigate the facts, and if the commissioner shall find (1) that the financial responsibility,
experience, character, and general fitness of the applicant, and of the members thereof if the
applicant be a copartnership or association, and of the person with direct responsibility for the
operation and management of the proposed office are such as to command confidence and to
warrant belief that the business will be operated honestly, fairly, and efficiently within the
purposes of this chapter, and primarily for purposes other than making loans to finance the
purchase of products or services, other than insurance products authorized in this chapter or
chapter 62B, offered by the applicant, a person which controls or is controlled by the applicant, or
a person which is controlled by persons which also control the applicant; and (2) that the applicant
has available for the operation of the business, at the specified location, liquid assets of at least
$50,000 (the foregoing facts being conditions precedent to the issuance of a license under this
chapter), the commissioner shall thereupon issue and deliver a license to the applicant to make
loans, in accordance with the provisions of this chapter, at the location specified in the application.
If the commissioner shall not so find, the commissioner shall not issue a license and shall notify
the applicant of the denial and return to the applicant the sum paid by the applicant as a license
fee, retaining the $500 investigation fee to cover the costs of investigating the application. The
commissioner shall approve or deny every application for license hereunder within 60 days
from the filing thereof with the fees.
If the application is denied, the commissioner shall, within 20 days thereafter, file in the
commissioner's office a written decision and findings with respect thereto containing the evidence
and the reasons supporting the denial, and forthwith serve upon the applicant a copy thereof.
There is hereby appropriated to such persons as are entitled to such refund, from the fund or
account in the state treasury to which the money was credited, an amount sufficient to make the
refund and payment.
History: (7774-44) 1939 c 12 s 4; 1959 c 157 s 4; 1959 c 573 s 3; 1971 c 526 s 1; 1981 c
258 s 5; 1Sp1985 c 1 s 15; 1986 c 444; 1992 c 587 art 1 s 22; 2001 c 56 s 7