-16 Maintenance of books and records. (a) Every small dollar lender shall retain in a safe and protected place those books and records that straight relate genuinely to any tiny buck loan made in this State, along with other publications and records as could be needed for the commissioner to make certain complete conformity aided by the rules for this State.
(b) All books and documents could be maintained as originals or photocopies, on microfilm or microfiche, on computer disks or tapes, or comparable forms; so long as the publications and records are easily available that will be effortlessly examined.
(c) All records, statements, and reports needed or authorized by this chapter will be manufactured in writing when you look at the English language.
(d) Every loan provider shall protect most of its documents for no less than six years and for a better or reduced period given that commissioner may recommend by guideline used pursuant to chapter 91.
Role II. LICENSING
-31 permit required. No individual, unless exempt under this chapter, shall become a dollar that is small in this State unless certified to take action because of the commissioner.
-32 Exemptions. This chapter shall not connect with the annotated following:
(1) a financial institution that is authorized because of the unit to accomplish company when you look at the State; or
(2) A nondepository economic service loan company authorized by the unit to complete company within the State.
-33 Registration with NMLS; permit; application; issuance. (a) The commissioner shall need all licensees to join up with NMLS.
(b) candidates for the permit shall use in a questionnaire as prescribed by NMLS or because of the commissioner. The program shall include, at least, the information that is following
(1) The legal title, trade names, and company address of this applicant and, in the event that applicant is just a partnership, association, restricted liability company, restricted obligation partnership, or company, of each and every user, officer, principal, or director thereof;
(2) The principal office;
(3) The complete target of every other branch workplaces from which the applicant currently proposes to participate in making dollar that is small; and
(4) O ther data, economic statements, and information site hyperlink that is pertinent the commissioner might need according to the applicant or, if a job candidate just isn’t a person, each one of the applicant’s controlling persons, executive officers, directors, basic lovers, and managing users.
(c) To match the purposes of the chapter, the commissioner may come into agreements or agreements with NMLS or other entities to utilize NMLS to get and keep records and procedure deal charges or other charges pertaining to licensees or any other individuals at the mercy of this chapter.
(d) with the aim and also to the level required to take part in NMLS, the commissioner may waive or alter, in entire or in component, by guideline or purchase, any or all the requirements with this chapter and establish requirements that are new fairly required to take part in NMLS.
( ag ag e) relating to a software for the permit under this chapter, the applicant, at the very least, shall furnish to NMLS information or product in regards to the applicant’s identification, including:
(1) Fingerprints associated with the applicant or, if a job candidate just isn’t a person, all the applicant’s controlling persons, executive officers, directors, basic lovers, and handling users for distribution towards the Federal Bureau of research and any government agency or entity authorized to receive the fingerprints for circumstances, nationwide, and worldwide criminal record background check, associated with the applicable cost charged because of the entities performing the criminal record background check; and
(2) individual history and connection with the applicant or, if a job candidate is certainly not a person, each one of the applicant’s controlling persons, executive officers, directors, general partners, and managing users in a questionnaire prescribed by NMLS, such as the submission of authorization for NMLS while the commissioner to have:
(A) an credit that is independent obtained from a customer reporting agency described in section 603(p) for the Fair credit rating Act, name 15 United States Code section 1681 et seq.; and
(B) Information associated with any administrative, civil, or unlawful findings by any governmental jurisdiction;
provided that the commissioner can use any information acquired pursuant to the subsection or through NMLS to ascertain a job candidate’s demonstrated monetary duty, character, and basic physical fitness for licensure.
(f) The commissioner might use NMLS as a realtor for requesting information from and circulating information towards the Department of Justice or any agency that is governmental.
(g) The commissioner can use NMLS as a real estate agent for requesting and information that is distributing and from any supply directed because of the commissioner.
(h) a job candidate for a permit as a dollar that is small loan provider will probably be registered with all the company registration division associated with department to accomplish company in this State before a license pursuant for this chapter will probably be given.
-34 Issuance of license; grounds for denial. (a) The commissioner shall conduct a study each and every applicant to determine the monetary duty, character, and basic physical physical fitness of this applicant. The commissioner shall issue the applicant a permit to take part in the company of creating little dollar loans in the event that commissioner determines that:
(1) The applicant, or perhaps in the truth of a applicant that isn’t a person, each one of the applicant’s controlling persons, executive officers, directors, general lovers, and managing users, hasn’t had a little buck loan lender permit revoked in just about any jurisdiction; provided a subsequent formal getaway of a revocation shall never be considered a revocation;
(2) The applicant, or in the actual situation of an applicant that’s not a person, all the applicant’s controlling persons, executive officers, directors, general lovers, and managing users, will not be convicted of, or pled guilty or nolo contendere, or been provided a deferred acceptance of a responsible plea under federal legislation or under chapter 853 to a felony in a domestic, international, or military court:
(A) throughout the seven-year duration preceding the date associated with application for licensing and enrollment; or
(B) At any moment preceding the date of application, if the felony included a work of fraudulence, dishonesty, breach of trust, or money laundering;
so long as any pardon of a conviction shall never be considered a conviction for purposes of the area;