Subdivision 1. Investigation and hearing. Upon the filing of an initial application and the payment of the license fee, the commissioner shall make an investigation of each applicant. If a license has not been issued within 30 days after receipt of the application the commissioner shall, at the request of the applicant, give the applicant a full hearing.
Subd. 2. License issued. The commissioner shall issue or renew a license when satisfied that the person to be licensed:
(a) is competent and trustworthy and intends to act in good faith in the financing of insurance premiums;
(b) has a good business reputation and has had experience, training or education so as to be qualified in financing insurance premiums; and
(c) if a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.
1974 c 353 s 4; 1986 c 444
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 59A — Insurance Premium Finance Companies
Section 59A.03 — Licenses; Penalty.
Section 59A.04 — Action By Commissioner On Application.
Section 59A.05 — Revocation And Suspension Of Licenses.
Section 59A.06 — Books And Records.
Section 59A.07 — Power To Make Rules.
Section 59A.08 — Premium Finance Agreements.
Section 59A.09 — Maximum Finance Charge.
Section 59A.10 — Default Charges.
Section 59A.11 — Cancellation Of Insurance Contract Upon Default.
Section 59A.12 — Application Of Unearned Premiums.