A. On receipt of an original application that is accompanied by the fees prescribed in section 6-126 and the financial statement prescribed in this chapter, the superintendent shall conduct a general review of the qualifications of the applicant. If the superintendent finds no grounds for denial of a license, within one hundred twenty days after receiving a complete application, the superintendent shall grant the application and issue a license to the applicant.
Terms Used In Arizona Laws 6-1255
- 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.
- License: means a license issued pursuant to this chapter. See Arizona Laws 6-1251
- Licensee: means a corporation, company, firm, partnership, association or natural person that is licensed by the superintendent to engage in the business of providing deferred presentment services pursuant to this chapter. See Arizona Laws 6-1251
- 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: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- Superintendent: means the superintendent of financial institutions. See Arizona Laws 6-101
B. A license is not transferable or assignable and control of a license shall not be acquired through any stock purchase or other device without the prior written consent of the superintendent. The superintendent shall not give consent if the superintendent finds that the acquiring person does not meet the qualifications of this chapter. For the purposes of this subsection, "control" means the power to vote more than twenty-five per cent of the outstanding voting shares of a licensed corporation, partnership, association or trust.
C. A license remains the property of this state. On termination at the request of the licensee or revocation by the superintendent, the licensee shall immediately deliver the license to the superintendent. Termination of the license does not affect any other liability of the licensee.