Section 399-D:7 License Grant.
I. If the commissioner determines that the applicant meets the requirements of this chapter, the commissioner shall issue a license or licenses permitting the applicant to engage in the business of debt adjustment in accordance with the laws of this state.
II. No license shall be issued to any person whose principal place of business is located outside of this state, unless the person designates an agent residing within this state for service of process.
III. Any license fee required by this chapter shall be paid before a license shall become effective.
IV. Each license issued under the provisions of this chapter shall state the name and address of the principal office of the licensee and, if the license is a branch office license, the name and address of the branch office location for which the license is issued.
V. If a licensee is a person other than a natural person, the license issued to it shall entitle all officers, directors, members, partners, trustees, and employees of the licensed corporation, partnership, entity, or trust to engage in the business of debt adjustment; provided, that one officer, director, member, partner, employee, or trustee of such person shall be designated in the license application as the individual to be contacted under the provisions of this chapter.
VI. If the licensee is a natural person, the license shall entitle all employees of the licensee to engage in the business of debt adjustment. For purposes of this paragraph, employee shall not include an independent contractor.
VII. A license issued under this chapter shall not be transferable or assignable between persons without the prior approval of the commissioner.
VIII. Licensees shall maintain a positive net worth at all times.
Source. 2004, 230:1, eff. Sept. 9, 2004. 2008, 205:67, eff. Aug. 15, 2008.