Arizona Laws 32-1026. Issuance of licenses
A. On receipt of an original application accompanied by the fees prescribed in section 6-126 and the financial statement and bond required by this chapter, the deputy director shall investigate the qualifications of the applicant and, if the applicant meets the qualifications of this chapter, shall approve the application. If the application is approved, the license shall be promptly issued to the applicant.
Terms Used In Arizona Laws 32-1026
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deputy director: means the deputy director of the financial institutions division of the department of insurance and financial institutions. See Arizona Laws 32-1001
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, firm, partnership, association or corporation. See Arizona Laws 32-1001
B. A license issued under this chapter shall not be transferable or assignable and control of a license may not be acquired through a stock purchase or other device without the prior written consent of the deputy director. Consent shall not be given if the deputy director finds that the acquiring person does not meet the qualifications of this chapter. For purposes of this subsection, "control" means the power to vote more than twenty percent of the outstanding voting shares of a licensed corporation, partnership, association or trust.