Upon the filing of the application and the payment of the fees and the approval of the bond, the secretary shall investigate the facts and if he or she finds that the financial responsibility, experience, character, and general fitness of the applicant and of the members thereof, if the applicant is a partnership, a limited liability company, or an association, and of the officers and directors thereof, if the applicant is a corporation, are such as to command the confidence of the community to warrant belief that the business will be operated fairly and honestly within the purposes of sections 69-1201 to 69-1217 and that the applicant or the applicant and the members thereof or the applicant and the officers and directors thereof have not been convicted of a felony, or that such person has not had a record of having defaulted in the payment of money collected for others, including the discharge of such debts through bankruptcy proceedings, the secretary shall issue the applicant a license to engage in the debt management business in accordance with sections 69-1201 to 69-1217. The secretary may require as part of the application a credit report and other information.

Source

Terms Used In Nebraska Statutes 69-1205

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
  • 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.
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • 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: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
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