Sec. 36a-556. (Formerly Sec. 36-226). Requirements for granting license. Authority of commissioner to deny application for license.
Sec. 36a-556. (Formerly Sec. 36-226). Requirements for granting license. Authority of commissioner to deny application for license. Upon the filing of the required application and license fee, the commissioner shall investigate the facts and, if
the commissioner finds that (1) the experience, character and general fitness of the
applicant, and of the members thereof if the applicant is a partnership, limited liability
company or association, and of the officers and directors thereof if the applicant is a
corporation, are satisfactory, (2) a license to such applicant will be for the convenience
and advantage of the community in which the applicant's business is to be conducted
and (3) the applicant has the capital investment required by this section, the commissioner shall issue a license to the applicant to make loans in accordance with sections
36a-555 to 36a-573, inclusive. If the commissioner fails to make such findings or finds
that the applicant made a material misstatement in the application, the commissioner
shall not issue a license and shall notify the applicant of the denial and the reasons for
such denial. Any denial of an application by the commissioner shall, when applicable,
be subject to the provisions of section 46a-80. The capital investment shall be not less
than twenty-five thousand dollars for each licensed location in a city or town with a
population of ten thousand or more inhabitants and ten thousand dollars for each licensed
location in a city or town with a smaller population. Population shall be determined
according to the last United States census at the time a license is granted.
(1949 Rev., S. 5940; 1949, S. 2756d; P.A. 78-303, S. 51, 136; P.A. 87-9, S. 2, 3; P.A. 91-357, S. 52, 78; P.A. 92-12,
S. 66; P.A. 94-122, S. 259, 340; P.A. 02-111, S. 35.)
History: P.A. 78-303 specified commissioner referred to in section as banking commissioner and substituted banking
commissioner for banking commission elsewhere in section in keeping with P.A. 77-614 which repealed the banking
commission; (Revisor's note: Pursuant to P.A. 87-9 "banking commissioner" was changed editorially by the Revisors to
"commissioner of banking"); P.A. 91-357 made technical changes; P.A. 92-12 made technical changes; P.A. 94-122
made technical changes, effective January 1, 1995; Sec. 36-226 transferred to Sec. 36a-556 in 1995; P.A. 02-111 deleted
provisions re public notice, added "limited liability company" in Subdiv. (1), added provisions re commissioner's authority
to deny application for license, changed "place of business" to "location", and deleted provisions re maintenance of capital
investment and exception.