License to Make Regulated Loans

(1)The Administrator shall receive and act on all applications for licenses to make regulated loans under this Act. Applications shall be filed in the manner prescribed by the Administrator and shall contain COL120106 CH. 3 LOANS such information as the Administrator may require to make an evaluation of the financial responsibility, character and fitness of the applicant.

(2)No license shall be issued unless the Administrator, upon investigation, finds that the financial responsibility, character and fitness of the applicant, and of the members thereof (if the applicant is a copartnership or association) and of the officers and directors thereof (if the applicant is a corporation) are such as to warrant belief that the business will be operated honestly and fairly within the purposes of this Act.

(3)Upon written request, the applicant is entitled to a hearing on the question of his qualifications for a license if

(a)the Administrator has notified the applicant in writing that his application has been denied, or

(b)the Administrator has not issued a license within sixty

(60)days after the application for the license was filed. A request for a hearing may not be made more than fifteen

(15)days after the Administrator has mailed a writing to the applicant notifying him that the application has been denied and stating in substance the Administrator's findings supporting denial of the application.