The commissioner shall investigate the financial soundness, experience, character, reputation and general fitness of the applicant to determine if the business will be operated honestly and in compliance with this chapter and the regulations of the department and if the applicant merits the confidence of the community in which the license is to be located.
At the determination of the commissioner, a license may be issued to the applicant to operate as a consumer loan broker at the address stated in the application.
The commissioner may deny the application and, in that event, shall return the applicant's bond as well as one-half (1/2) of the annual fee. The commissioner shall retain the remaining one-half (1/2) and treat it as other collections permitted under this chapter.
The commissioner shall officially act on all applications within thirty (30) days of receipt of same by the department.
Structure Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 19 - Consumer Loan Broker Act
§ 81-19-5. License requirement; penalty for violation
§ 81-19-7. Exclusions from chapter coverage
§ 81-19-9. License application; fee; surety requirement
§ 81-19-15. Renewal of license; penalty for failure to pay fee
§ 81-19-19. Deposit of funds collected into Consumer Finance Fund
§ 81-19-21. Contracts to be written; enumeration of charges
§ 81-19-31. Service charge not to be construed as finance charge or interest
§ 81-19-33. Effect of failure to comply with chapter on underlying transaction
§ 81-19-35. Right to hearing upon denial or revocation of license; notice; appeal; review