6.1-415 - (Repealed effective October 1, 2010) Qualifications.
§ 6.1-415. (Repealed effective October 1, 2010) Qualifications.
A. Upon the filing and investigation of an application for a license, andcompliance by the applicant with the provisions of §§ 6.1-412 and 6.1-413,the Commission shall issue and deliver to the applicant the license orlicenses applied for to engage in business under this chapter at thelocations specified in the application if it finds:
1. That the financial responsibility, character, reputation, experience andgeneral fitness of the applicant and its members, senior officers, directorsand principals are such as to warrant belief that the business will beoperated efficiently and fairly, in the public interest and in accordancewith law; and
2. That, in the case of an application for a license to act as a mortgagelender, the applicant has funds available for the operation of the businessof at least $200,000.
B. If the Commission fails to make such findings, no license shall be issuedand the Commissioner shall notify the applicant of the denial and the reasonsfor such denial.
(1987, c. 596; 1988, c. 303; 1993, c. 183.)