535B.5 - GRANTING AND DENIAL OF LICENSE.

        535B.5  GRANTING AND DENIAL OF LICENSE.         1.  Upon the filing of an application for a license, if the      administrator finds that the financial responsibility, character, and      general fitness of the applicant and of the members thereof if the      applicant is a partnership, association, or other organization and of      the officers, directors, and principal employees if the applicant is      a corporation, are such as to warrant belief that the business will      be operated honestly, soundly, and efficiently in the public interest      consistent with the purposes of this chapter, the administrator shall      issue the applicant a license to engage in mortgage lending,      brokering, and servicing.  The administrator shall approve or deny an      application for a license within ninety days after the filing of the      application for a license.         2.  If the administrator does not so find, the license shall not      be issued, and the administrator shall notify the applicant in      writing of the denial and the reasons for the denial.  
         Section History: Recent Form
         88 Acts, ch 1146, §5